€500 million in EU’s first phase funding for India green energy

livemint.com:

GANDHINAGAR : : European Investment Bank (EIB), the lending arm of the European Union, plans to invest about €1 billion in India’s renewable energy sector, EIB’s vice president Kris Peeter confirmed. EIB is in discussion with the Central government to lend €500 million during the first phase of the funding, he said. The investmentwill be made in renewable sectors involving green hydrogen and solar panels.

India is the largest investment destination of EIB outside Europe. “What India does for climate is not only important for India but also for the rest of the world," Peeters said. “There are a lot of important projects in India (that can be funded) from our perspective.

We are also a climate bank and a bank with a huge experience in infrastructure," he added. So far EIB has made about €4 billion investment in India. Of this, about €3 billion is in the infrastructure sector, particularly in public transport infrastructure like metro rail projects.

EIB has funded metro rail projects in Agra, Lucknow, Kanpur, Bengaluru, Bhopal and Pune. So far we have invested primarily in infrastructure. But, climate change is equally important for India," Peeters said.

“India is very ambitious about solar panels and hydrogen. These will also be for exports," he added. India is currently negotiating bilateral agreements with the EU, Japan and other countries to begin exporting green hydrogen, though it is expected to produce the fuel only by 2026.