EIB to back more renewables in India, shares offshore wind knowledge

The European Investment Bank (EIB) today increased backing for onshore wind and solar in India and announced it will closely collaborate with local partners in the field of offshore wind power.

EIB has agreed with State Bank of India to expand an existing lending programme to support onshore wind as well. More specifically, onshore wind developers will be able to obtain long-term, low-cost financing under a dedicated EUR-600-million (USD 681m) renewable energy financing programme that already backs large-scale solar projects across the country. The lender said that, following preliminary talks with promoters in several states, suitable schemes have already been identified.

Meanwhile, EIB also said it is finalising a second renewable energy credit line with Yes Bank Ltd (BOM:532648) after allocating a prior one with the purpose of supporting wind and solar projects in India. The new credit facility should be rolled out in the coming months.

As per offshore wind, the bank held today its first conference in India dedicated specifically to investments in this segment. The event brought together government officials, policy experts, project promoters and financial professionals to draw on technical experts’ experience in offshore wind.

“We look forward to broadening cooperation with Indian partners to support new renewable energy projects in the months ahead and enabling offshore wind to contribute to clean power generation in the country,” said Andrew McDowell, Vice President of the European Investment Bank responsible for Energy and South Asia.

(EUR 1.0 = USD 1.135)

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