Indian Finance Minister Arun Jaitley inaugurated EIB’s first permanent office in India. EIB President Werner Hoyer was also present on the occasion. A EIB delegation will be meeting IREDA and IIFL heads to discuss future support for renewable projects in India, beyond the EIB's €200 million loan for five Indian PV projects. (Photo Credit: European Investment Bank)
- The European Investment Bank (EIB) will be lending €200 million to support development of large scale PV projects in India
- To be provided to the State Bank of India (SBI), this money will help support a total investment of €650 million for such projects
- Four schemes with a combined generation capacity of 530 MW have already been identified
- Projects are likely to be based in the southern states of Telangana and Tamil Nadu
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The European Investment Bank (EIB) will be lending €200 million ($213.4 million) as long-term loan to support total investment of €650 million ($693.8 million) in five large scale PV solar power projects in India. It has already identified four projects with a generation capacity of 530 MW.
The EIB support will go to the State Bank of India (SBI). The loan arrangement was facilitated by SBI Capital Markets, a SBI subsidiary. In a separate press release, EIB stated, “This will support plans to install 20 GW of grid connected solar power by 2020 under the Jawaharlal Nehru National Solar Mission.”
Solar power projects in the states of Telangana and Tamil Nadu, and elsewhere in the country can expect support under this initiative. The 20-year loan will support individual projects post technical and due diligence, along with financing from Indian banks and project promoters.
Unlocking new investment in large scale solar generation is crucial to ensure that renewable energy plays a leading role in India’s energy mix in the years ahead. This new project reflects the shared commitment of India and the European Union to tackle climate change and implement the Paris Climate Agreement,” said Andrew McDowell, Vice President of the EIB.
Along with McDowell, India’s Finance Minister Arun Jaitley, EIB President Werner Hoyer were present at the announcement for the loan.
EIB delegation is supposed to meet the Managing Directors of India Renewable Energy Development Agency (IREDA) and India Infrastructure Finance Limited (IIFL) to discuss future support for renewable projects in India.
On the same day of the announcement on March 31, 2017, Jaitley inaugurated EIB’s first permanent office in India.
Since 1993, EIB has financed projects with €1.7 billion in India. Last year, it made €19.6 billion of climate related investments globally.