YES BANK, India’s fifth largest private sector bank, made a major announcement for mobilizing USD 1 billion till 2023 and USD 5 billion till 2030 towards financing solar energy projects in India at the International Solar Alliance (ISA) conference organised at World Future Energy Summit 2018 in Abu Dhabi.
Towards this, the Bank also signed five solar energy co-financing Letters of Intent (LoI) with Hero Future Energy (up to 1.5 GW capacity), Greenko Group (up to 10 GW capacity), Amplus Solar (up to 1 GW capacity), Jakson Group (up to 1 GW capacity) and Tata Power Delhi Distribution Limited (up to 10 MW capacity) for their solar projects in India to be completed by 2023.
This significant announcement is part of YES BANK’s commitment to support ISA’s vision of creating a robust eco-system for solar energy globally and the Government of India’s target of achieving 100 GW of solar energy by 2022. This will also act as a precursor to Re-Invest 2018, the flagship Renewable Energy summit of the Government of India, scheduled to be held in April 2018 and will help create an action road map of the Bank’s commitment to the Government’s vision.
This development also comes on the back of the recent USD 400 million co-finance agreement by YES BANK and European Investment Bank (EIB) for construction of new solar power plants and wind farms across the country.
Commenting on partnership, Rana Kapoor, Managing Director & CEO, YES BANK and Chairman, YES Global Institute, said, “India has taken a leadership position in Climate financing and ISA is a decisive step in augmenting this further. YES BANK is fully committed to support ISA objectives in sync with our leadership stature as India’s predominant ‘Green Bank’. 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 5 GW of Renewable Energy, and mobilising USD 5 Billion for Climate Finance by 2020”.
On this important occasion, Upendra Tripathy, Interim Director General, International Solar Alliance, said, “I compliment YES BANK for providing First financing commitment of USD 5 Billion to ISA solar projects by 2030 at ISAs first international forum after it became a treaty-based international inter-governmental organization in December 2017. I am confident that this will catalyse much larger financing commitments from Global financing institutions. ISA is currently focused on its three programs on facilitating affordable finance for solar, scaling up solar applications for agriculture and promoting solar mini-grids in Member Nations and availability of affordable finance is key to its success. YES BANK has been a market leader in green financing in
India and today’s commitment from YES BANK adds a significant strength to our progress in accelerating solar energy deployment globally.”
Furthering the Bank’s mission, YES BANK had issued India’s first Green Infrastructure Bonds in 2015 for 1000 Crore INR with an overwhelming 2.13x oversubscription. YES BANK subsequently raised INR 315 Crore (USD 50 Mn) from IFC, Washington in August 2015 and INR 330 Crore (USD 50 Mn) from FMO, Netherlands in September 2016 through green bond issuances. YES BANK was also awarded the ‘most innovative bond structure’ by Environmental Finance in May 2016, and YES BANK was recognized the ‘Green Bond – Pioneer in India’ by the Climate Bonds Initiative in February 2016
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