The $400 million financing program with Yes Bank is the first time the European Investment Bank is cooperating with a commercial bank in Asia to support renewable energy projects (Photo Credit: EIB)
- European Investment Bank (EIB) and Yes bank, a private Indian bank, have announced a $400 million private sector renewable energy financing program
- EIB will put in $200 million, the rest comes from Yes Bank, project promoters and other financial institutions
- Solar power projects in the states of Rajasthan, Telangana, Maharashtra and Karnataka will receive support through this program
- Other wind and solar power projects are currently being examined for financing program
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The European Investment Bank (EIB) and Yes Bank of India have launched a joint initiative to support construction of new solar power plants and wind farms in India. The $400 million private sector renewable energy financing program will be supported with $200 million from EIB and financing from Yes Bank, project promoters and other financial institutions.
Solar power projects eligible for this financing program have been identified in the states of Rajasthan, Telangana, Maharashtra and Karnataka. Further wind and solar projects are currently being considered for financial support as well.
This is the first time EIB is cooperating with Yes Bank, and it is also the first its support renewable energy in Asia together with a commercial bank. It is also the longest tenor borrowing facility for Yes bank in the international loan market.
“With this transaction we remain well on track to achieve our commitment to finance 5,000 MW of renewables made at the 1st RE-INVEST Summit in Feb 2015 and is also synchronous with our COP 21 commitment of mobilizing $5 Billion for Climate Finance by 2020,” said Rana Kapoor, MD & CEO of Yes Bank.
In April 2017, EIB announced its decision to provide $213.4 million in financing through long-term loans to support five solar PV power projects in India (see €200 Million EIB Loan For Indian Solar Plants).