EIB working with state companies to fund green hydrogen projects
Subscribe to enjoy similar stories. New Delhi: The European Investment Bank (EIB), which has committed to supporting India's green hydrogen sector with a €1 billion investment, is working with public sector enterprises Power Finance Corporation and Indian Renewable Energy Development Agency Ltd to identify and develop projects in the country, said Nicola Beer, vice president of the lending arm of the European Union. "We see opportunities in the green hydrogen mission of India.
Europe is talking a lot more about green hydrogen, and we are looking at collaborations to develop clean technology, the next generation of electrolyzers," Beer told Mint in an interview. "To produce green hydrogen, you need green energy and so I think, especially from the renewable energy perspective, it will be something that will have demand from the Indian side. Beer, who's on a visit to India, added that the EIB can contribute to India's efforts by bringing in experts to collaborate with local partners.
The EIB formally agreed to join the India Hydrogen Alliance in 2023 and increase support for large-scale green hydrogen hubs and projects across India with indicative funding of €1 billion. However, the Luxembourg-based multilateral agency has yet to disburse any of its green hydrogen funding into the country. "We are not gifting money.
We are giving out loans, so we need bankable projects for our investments," Beer said. "At the moment, we are discussing how to make the (€1 billion) investment in green hydrogen projects. So far, we do not have a project signed, but we are looking at the ecosystem.
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