EIB will provide €800 million support for India renewable energy

The European Investment Bank (EIB) has agreed a new partnership with the International Solar Alliance (ISA) to mobilise finance to develop and deploy affordable solar energy in solar rich countries. The EIB also confirmed plans to provide a record €800 million (US$933 million) for renewable energy investment across India.

The ISA is a global grouping of 121 countries and financial institutions established to harness solar energy. 

The €800-million backing for small scale renewable energy projects across India represents EIB’s largest ever support for energy investment in Asia.

This includes renewable energy financing in partnership with the Indian Renewable Energy Development Agency (IREDA) and the India Infrastructure Finance Company approved earlier this year.

 Andrew McDowell, EIB Vice President, said:

“Global cooperation is essential to tackle climate change and closer cooperation between the International Solar Alliance and the European Investment Bank will mobilise international climate finance and improve sharing of technical experience. This new agreement reflects our shared commitment to successful implementation of the Paris Climate Agreement and ensuring that solar rich economies can harness solar power to increase the supply of affordable clean energy.”

H.E. Upendra Tripathy, Interim Director General of the International Solar Alliance, commented:

“Closer cooperation between the European Investment Bank and the International Solar Alliance demonstrates the shared commitment of Europe and India to tackle climate change. Solar power has huge potential to provide affordable and clean energy in solar rich countries. Working with international financial institutions is crucial to mobilize climate finance and share technical expertise. The EIB’s unique experience of successfully supporting renewable energy expansion around the world will enhance the efforts of the ISA in the years ahead.”

The EIB is currently finalising a new €200 million credit line to provide additional financing for renewable energy projects across India in cooperation with Yes Bank. Solar schemes are expected to represent the largest renewable energy sector backed by the programme. This first renewable energy partnership with a private bank in India is expected to be finalised in the coming months.