Yes Bank, EIB to co-finance $400 mn for clean power projects

Yes Bank and the European Investment Bank will co-finance $400 million funding for renewable power generation in the country.

"The new financing programme will streamline financing for a range of renewable energy projects being built and operated by leading Indian corporations and private sector developers," Yes Bank and EIB said in a joint statement issued here today.

Of the $400 million, the EIB will fund $200 million while the rest will be supported by Yes Bank, the project promoters and other financial institutions.

Under this renewable power generation initiative, several solar projects in Rajasthan, Maharashtra and Karnataka have been identified. Additional wind and solar projects are also being examined.

The EIB loan of $200 million has a tenor of 15 years.

"India and the European Union are committed to the Paris Agreement and tackling climate change. This new $400 million initiative demonstrates the shared vision and commitment of both the European Investment Bank (EIB) and Yes Bank to increasing renewable energy power generation across India," said Andrew McDowell, EIB Vice-President while unveiling the investment plan.

Yes Bank MD and Chief Executive Rana Kapoor said the bank remains well on track to achieve its commitment to finance 5,000 megawatt of renewable energy made at the first Re-Invest Summit in 2015.

"This is also synchronous with our COP 21 commitment of mobilising $5 billion for climate finance by 2020," Kapoor added.