Yes Bank announced that expansion of renewable energy power generation across India will be supported by a new USD 400 million joint initiative backed by the European Investment Bank and Yes Bank. Yes Bank will manage the co-financing programme for construction of new solar power plants and wind farms across the country.
EIB Bank has provided a 15 year USD 200 million loan to the initiative and the balance will be supported by Yes Bank along with project promoters and other financial institutions.
This new initiative is the first EIB cooperation with Yes Bank and represents the first support for renewable energy in Asia with a commercial bank. This is also the longest tenor borrowing facility for Yes Bank in the international loan market.