European Investment Bank confirms EUR 200 mn loan
The European Investment Bank (EIB) confirmed new support for solar power generation in India in partnership with State Bank of India. The EUR 200 million (Rs 1,400 crores) long-term loan will support total investment of EUR 650 million in five different large-scale photo-voltaic solar power projects and contribute to India’s National Solar Mission and reduce dependence on fossil fuel power generation. Four schemes across the country, with a generation capacity of 530 MW, have already been identified.
The European Investment Bank is one of the world’s largest lenders for renewable energy investment and this new initiative represents the EIB’s largest-ever support for solar power in Asia. Owned by the 28 members states of the European Union the European Investment Bank is the world’s largest international public bank. The loan agreement was formally announced in New Delhi ahead of the inauguration of the first permanent presence in India of the European Investment Bank by Finance Minister Jaitley, European Investment Bank President Werner Hoyer and Vice President Andrew McDowell, responsible for operations in India and South Asia. The EIB has financed projects totalling EUR 1.7 billion in India since 1993.