The European Investment Bank (EIB) today said it will increase support for onshore wind investment in India.
The government-run State Bank of India (SBI) will expand its existing lending program. In addition, EIB will offer a new credit line to Yes Bank, a leading private bank, to accelerate private investment in wind and solar projects.
Promoters of onshore wind projects in India will receive long-term low cost financing under a dedicated EUR 600 million renewable energy financing program.
Preliminary discussions with promoters in a number of Indian states have identified schemes that could benefit from the expanded EIB-SBI financing.
European Investment Bank and Yes Bank have identified solar power projects and wind farms across India that will benefit from a dedicated renewable energy credit line, backed with EUR 80 million of EIB financing.
“We look forward to broadening cooperation with Indian partners to support new renewable energy projects in the months ahead and enabling offshore wind to contribute to clean power generation in the country.” said Andrew McDowell, vice president of EIB responsible for Energy and South Asia.
EIB in 2017 provided EUR 4.4 billion for renewable energy investment worldwide and in recent years has supported projects across Asia, Africa, Latin America and Europe.
The EIB since 2010 has invested over EUR 130 billion globally, supporting more than EUR 600 billion in climate action investment.