The European Investment Bank (EIB) confirmed new backing for investments across India. The EIB will increase support for onshore wind investment through expansion of an existing lending program with the State Bank of India. It has approved a new credit line with Yes Bank to accelerate private investments in wind and solar projects and expects to work closely with Indian partners to support offshore wind projects.
The clean energy financing was confirmed by EIB Vice President Andrew McDowell at an offshore energy investment conference in New Delhi earlier. “Scaling up renewable energy investment is crucial for economic growth, improving access to energy and addressing climate change and support for renewable is a key priority for the EIB, the EU Bank here in India. The EIB is pleased to host our first offshore wind investment conference in New Delhi and bring together technical and financial expertise from across India and the EU’s unique global experience in the sector. We look forward to broadening cooperation with Indian partners to support new RE projects in near future 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.
