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 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.
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. Under the agreement promoters of onshore wind projects will be able to benefit from long-term low cost financing under a dedicated EUR 600 million renewable energy financing programme 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. Over the last year close cooperation between the EIB and Yes Bank has 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. 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.