YES Bank, an Indian private sector bank, has launched a cleantech accelerator platform named ‘Yes Scale’ in association with the Ministry of New and Renewable Energy (MNRE) to help start-ups working in the fields of energy efficiency, waste management, and water management.
Through this platform, the bank will provide affiliated start-ups with access to technology, mentorship, funding, and market entry. Affiliated start-ups can receive up to ₹2 million (~$0.029 million) as a pilot grant or for proof of concept.
“This is fully in line with the bank’s vision since inception – which was to cater to the ‘sunrise sectors of India’s economy’ using knowledge banking to deliver impactful ecosystem solutions,” said Rana Kapoor, MD & CEO of Yes Bank, in a media release.
The program will focus on multiple sectors like smart cities, clean technology, agricultural technology, life sciences technology, educational technology, etc.
YES Bank has been one of the most active financial institutions in the country over the past few years at encouraging investment into the renewable energy sector.
In January 2018, YES Bank announced it would provide up to $1 billion (~₹64 billion) to finance solar photovoltaic (PV) projects in the country by 2023 and $5 billion (~₹320 billion) by 2030 at the International Solar Alliance (ISA).
It has already signed five solar energy co-financing letters of Intent (LoI) with: Hero Future Energies (up to 1.5 GW of capacity); Greenko Group (up to 10 GW of capacity); Amplus Solar (up to 1 GW of capacity); Jakson Group (up to 1 GW of capacity); and Tata Power Delhi Distribution Limited (up to 10 MW of capacity). All of the solar projects are in India and slated to be completed by 2023.
In June 2017, Yes Bank, FMO (the development bank of the Netherlands), DEG (the development bank of Germany), and Proparco (the development bank of France) signed a Green Finance Charter for green financing in India.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer