YES Bank on Wednesday said it will mobilise $1 billion till 2023 and $5 billion till 2030 towards financing solar energy projects in India.
The private sector bank made this announcement at the International Solar Alliance (ISA) conference organised at the World Future Energy Summit 2018 in Abu Dhabi.
As part of this endeavour, the bank, in a statement, said it has signed five solar energy co-financing Letters of Intent (LoI) with Tata Power Delhi Distribution (up to 10 MW capacity), Hero Future Energy (up to 1.5 GW capacity), Greenko Group (up to 10 GW capacity), Amplus Solar (up to 1 GW capacity) and Jakson Group (up to 1 GW capacity) for their solar projects in India to be completed by 2023.
This development also comes on the back of the recent $400-million co-finance agreement by the Bank and European Investment Bank (EIB) for construction of new solar power plants and wind farms across the country.
Rana Kapoor, Managing Director and CEO, YES Bank, said,
“…Our proven renewable energy credentials with a demonstrated track record have enabled us to pursue achievement of our twin targets of financing 5 GW of renewable energy, and mobilising $5 billion for climate finance by 2020.”