The European Investment Bank has confirmed new backing for both onshore and offshore wind in India.
The lender will expand an existing €600m programme with the State Bank of India and a new credit line with the Yes Bank to accelerate private investment in both technologies, as well as solar.
Preliminary discussions with promoters in a number of Indian states have already identified schemes that could benefit from the expanded financing with the SBI, the bank said.
Vice president Andrew McDowell said scaling up renewables is “crucial” for economic growth and addressing climate change.
The EIB hosted a conference in New Delhi today to mark the announcement.
“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 European Union’s unique global experience in the sector,” 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.”
EU ambassador to India H.E. Tomasz Kozlowski said that both sides share a common goal of tackling climate change.
“India has huge renewable energy resources and harnessing India’s abundant natural resources is crucial for sustainable development,” he said.
“Supporting energy investment is a key focus of the European Union’s India strategy announced this week and my colleagues are working closely with Indian partners to further develop India’s offshore wind sector.”