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YES Bank, EIB set up fund for renewable energy projects

YES Bank is joining hands with European Investment Bank to provide $400 million funding to expand renewable energy generation across India. The program, envisaging construction of new solar power plans and wind farms across the country, will be managed by YES Bank. Donal Cannon, head of the European Investment Bank Representation to South Asia and Arun Agrawal, group president, International Banking, YES Bank, jointly announced the program. The European Investment Bank will provide $200 million while the balance will be from YES Bank, the project promoters and other financial institutions. The European Investment Bank will offer the funding by way of a 15-year loan. The program is expected to streamline financing for a range of renewable energy projects being built and operated by leading Indian corporations and private sector developers.

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