European Investment Bank enhances cooperation with SBI in Wind Energy Financing

The European Investment Bank (EIB) has announced that it will enhance its support for India’s wind energy projects by increasing the existing lending programmes with State Bank of India (SBI).

Both, EIB and SBI have agreed to cooperate on financing renewable energy and providing new support for wind energy projects across India by expanding the current financing program in the field of onshore wind projects, EIB said in a statement.

With this alliance, the promoters of wind projects in the country will advantage from long-term low cost financing under the committed EUR 600 million renewable energy financing programme that is already supporting large-scale solar investment across the country.

The European lender has also approved a new line of credit to Yes Bank to increase private investment in clean energy projects. Additionally, EIB will supply USD 100 million line of credit to the private sector lender in the coming months.

Last year, Yes Bank has already utilised USD 100 million funding from EIB towards solar power projects and wind farms across India, said an executive from Yes Bank.

“Following the progress in allocating this financing, a second renewable energy credit is being finalised and expected to be rolled out in the coming months,” EIB said.

Scaling up renewable energy investment is crucial for economic growth, improving access to energy and addressing climate change, said Andrew McDowell, Vice President of the EIB responsible for Energy in South Asia. Support for renewables is a key priority for EIB here in India, he said.

“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,” McDowell said.