Yes Bank, EIB to co-finance USD 400 mn for renewable energy projects
Published: Dec 19, 2017
By TIOLCORPLAWS News Service
NEW DELHI, DEC 19, 2017: The YES bank joined hands with European Investment Bank (EIB), a long-term lending institution of the European Union, for a USD 400 million fund for renewable energy projects in India over 15 years. The European bank will contribute half of the fund with the rest coming from YES Bank, project promoters and other financial institutions. YES Bank will also manage the co-financing programme for construction of new solar plants and wind farms across the country. Solar projects in Rajasthan, Telangana, Karnataka and Maharashtra has been identified to be given funds under the initiative.
This new initiative is the first EIB cooperation with Yes Bank and represents the first support for renewable energy in Asia with a commercial bank. This is also the longest tenor borrowing facility for Yes Bank in the international loan market.