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The European Investment Bank and State Bank of India have formally agreed to finance the renewable energy sector by providing new support for wind energy projects across India. This is being done by expanding an ongoing financing initiative to support onshore wind projects.
A statement from the European Investment Bank said, “Under the agreement, promoters of onshore wind projects will be able to benefit from long-term low cost financing under a dedicated €600-million renewable energy financing programme already supporting large scale solar investment across India.”
“Preliminary discussions with promoters in a number of Indian states have already led to the identification of schemes that could benefit from the expanded EIB-SBI financing,” the statement added.
A new YES Bank renewable financing initiative was also approved.
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