EIB strengthens backing to SBI and Yes Bank for Indian renewables

The European Investment Bank (EIB) the world’s largest international financier for renewable energy has confirmed to fund around EUR 600 million to support offshore wind initiatives in India. The EIB has joined hands with State Bank of India and YES Bank for this purpose. EIB also expects to work closely with Indian partners to support offshore wind projects.

Andrew McDowell, Vice President of the European Investment Bank responsible for Energy and South Asia, stated that scaling up renewable energy investment is crucial for economic growth, improving access to energy and addressing climate change and support for renewable is a key priority for the European Investment Bank, here in India. We look forward to extending collaboration with Indian partners to promote fresh renewable energy initiatives in the coming months and to encourage offshore wind power that will help contribute to clean generation of power in the nation.

The EIB has confirmed to increase support for onshore wind investment through expansion of an existing lending programme with the State Bank of India. EIB and SBI have formally agreed to build on successful cooperation to finance renewable energy and provide new support for wind energy projects across India. The agreement will enable support for the promoters of onshore wind projects, under the dedicated EUR 600 million, as they will benefit from long-term low cost financing, as the programme is already supporting large-scale solar investment across India.

EIB has also approved a new credit line with Yes Bank to accelerate private investment in wind and solar projects. Last year, strategic alliance between the EIB and Yes Bank has recognized solar energy projects and wind farms across India, which will profit from the renewable energy lending line supported by a EUR 80 million EIB funding. Following successful progress in allocating this financing a second renewable energy credit line is currently being finalised and expected to be rolled out in the coming months.

In 2017 EIB provided EUR 4.4 billion for renewable energy investment worldwide and in recent years has supported projects across Asia, Africa, Latin America and Europe.