Euro­pean In­vest­ment Bank con­firms EUR 200 mn loan

Power Watch India - - DESPATCHES FINANCE -

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.

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