European Investment Bank commits 600 million fund for wind projects in India
THE EUROPEAN INVESTMENT BANK (EIB) in conjuction with State Bank of India and YES Bank have announced that it is earmarking €600 million fund to expand offshore wind initiatives in India.
It is coming after committing a line of credit amounting to €150 million for 15 years to fund solar energy and solar solutions in the country
EIB, the largest funding agency on renewable energy globally, said in a statement that it will increase the support for onshore wind investment through expansion of an existing lending programme with the State Bank of India, has approved a new credit line with Yes Bank to accelerate private investment in wind and solar projects, and expects to work closely with Indian partners to support offshore wind projects.
The clean energy financing was confirmed by EIB officials at the inaugural of an offshore energy investment conference, organised by the agency, in New Delhi.
“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 the EIB.
“India has huge renewable energy resources and harnessing India’s abundant natural resources is crucial for sustainable development. Supporting energy investment is a key focus of the European Union’s India strategy announced this week and my colleagues are working closely with Indian partners to further develop India’s offshore wind sector,” he said.
With this EIB line of credit, technical support would be available for India from the European Union, Bank of Europe and other European agencies, said Tomasz Kozlowski, European Union Ambassador to India. Europe has the most advanced technologies in renewable energy harnessing and is a large seller of renewable energy equipment globally.
The EIB has a project portfolio of more than €7 billion invested in renewable energy sector across the globe.