YES Bank, EU bank start $400-mln program to finance green projects
European Investment Bank will lend $200 mn for expansion of renewable energy generation in India, while the rest will be extended by YES Bank, project promoters and other financial institutions.
YES Bank and European Investment Bank have initiated green financing worth $400 mn, as part of their co-financing program, to increase lending to renewable power projects across India, according to a press release by the domestic lender.
European Investment Bank will lend $200 mn for expansion of renewable energy generation in India, while the rest will be extended by YES Bank, project promoters and other financial institutions.
The loan by the EU bank will be for 15 years and other financial details of the initiative would be finalized in the coming weeks, both entities had said in a joint release in December.
With this, YES Bank remains well on track to achieve its commitment to finance 5,000 MW of renewable energy, made at a summit in February 2015. It is also in line with its COP 21 commitment of mobilizing $5 bn for climate finance by 2020, the release said.
Source: indiainfoline
