The European Investment Bank (EIB) will be providing €800 million (~₹61.3 billion) in funding for renewable energy investment across India. This includes renewable energy financing in partnership with the Indian Renewable Energy Development Agency (IREDA) and the India Infrastructure Finance Company (IIFCL) approved earlier this year.

The funds were pledged on the sidelines of the formation of a new partnership between EIB and the International Solar Alliance (ISA) to mobilize finance to develop and deploy affordable solar energy in solar rich countries.

The EIB is also finalizing a new €200 million (~₹15.3 billion) credit line to provide additional financing for renewable energy projects across India in cooperation with Yes Bank. Solar schemes are expected to represent the largest renewable energy sector backed by the program. This first renewable energy partnership with a private bank in India is expected to be finalized in the coming months, according to an EIB release.

“Global cooperation is essential to tackle climate change and closer cooperation between the International Solar Alliance and the European Investment Bank will mobilize international climate finance and improve sharing of technical experience. This new agreement reflects our shared commitment to successful implementation of the Paris Climate Agreement and ensuring that solar rich economies can harness solar power to increase the supply of affordable clean energy,” said McDowell, European Investment Bank Vice President.

Under the agreement, the EIB, one of the world’s largest lenders for renewables energy and the world’s largest international public bank, will work with the ISA to mobilize financing for the development and deployment of affordable solar energy in ISA member countries.

“Closer cooperation between the European Investment Bank and the International Solar Alliance demonstrates the shared commitment of Europe and India to tackle climate change. Solar power has huge potential to provide affordable and clean energy in solar rich countries. Working with international financial institutions is crucial to mobilize climate finance and share technical expertise. The EIB’s unique experience of successfully supporting renewable energy expansion around the world will enhance the efforts of the ISA in the years ahead.” said H.E. Upendra Tripathy, Interim Director General of the ISA.

Mercom previously reported in April 2017 that, the European Investment Bank (EIB) approved a EUR 200 million (~₹13.8 billion), 20-year loan to State Bank of India (SBI) which will be utilized to help develop large scale solar projects in India.

Image credit: EIB