Yes Bank-EIB invest $400 million in wind and solar projects
Indian private sector lender Yes BankBSE -0.27 % is betting big on clean energy sector in India, as it has jointly invested $400 million with European Investment Bank (EIB), a long-term lending institution of the European Union, in new solar and wind projects in the country.
“For electric vehicles it will be a bigger (investment) amount. Once we are comfortable in the renewable sector, then we are there across the value chain,” said Arun Agarwal, global head, international and institutional banking, Yes Bank.
The $400 million fund will look at financing large- scale utility projects in India and some of them have been identified in Rajasthan, Telangana, Maharashtra and Karnataka presently.
“Bulk of the activity is currently happening around solar, so the funding will be focussed there. We will be looking at utility scale projects,” Agarwal added.
“This new financing programme will make a significant contribution to harnessing wind power and solar energy to produce green energy, create thousands of jobs during construction and strengthen technical and financial skills for the renewable energy sector to expand.” said Andrew McDowell, EIB vice-president.
Yes Bank will manage the new co-financing programme for construction of new solar power plants and wind farms across the country.