EBR Staff Writer Published 18 January 2018
India-based private sector bank, Yes Bank has committed to mobilize $5bn in funding to support the development of solar energy projects in the country by 2030.
The bank announced its plan to make available $1bn funding for solar schemes in India until 2023, at the International Solar Alliance (ISA) conference being held at World Future Energy Summit 2018 in Abu Dhabi.
Yes Bank managing director and CEO Rana Kapoor said: “India has taken a leadership position in Climate financing and ISA is a decisive step in augmenting this further.
“I am confident that such sustained faith and trust of global institutions on Yes Bank’s proven Renewable Energy credentials with a demonstrated track record have enabled us to pursue achievement of our twin targets of financing 5GW of Renewable Energy, and mobilizing $5bn for Climate Finance by 2020.”
As part of this effort, the bank has signed five solar energy co-financing letters of intent (LoI) for solar projects which are scheduled to be completed by 2023.
The deals have been signed with Hero Future Energy for up to 1.5GW project, Greenko for up to 10GW capacity, Amplus Solar for up to 1GW capacity, Jakson Group for up to 1GW capacity and Tata Power Delhi Distribution for up to 10MW capacity project.
International Solar Alliance interim director general Upendra Tripathy said: “I compliment Yes Bank for providing First financing commitment of $5bn to ISA solar projects by 2030 at ISAs first international forum after it became a treaty-based international inter-governmental organization in December 2017.”
The funding is expected to contribute to the India’s target of having 100GW of installed solar capacity by 2022.
Recently, YES BANK and European Investment Bank (EIB) have signed $400m co-finance agreement for the construction of new solar and wind energy projects in the country.
Image: India aims to have 100GW of installed solar capacity by 2022. Photo: courtesy of RK008/ FreeDigitalPhotos.net.