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EIB lends €200m to ICICI bank for renewable projects in India

30 Aug 2011

The European Investment Bank (EIB) has awarded a €200m loan to the ICICI Bank of India for projects in the renewable energy sector.

It will take the form of a framework loan aimed at funding multiple developments in the cleantech sector with a particular focus on creating photovoltaic, biomass and onshore wind facilities.

It is part of a strategic partnership between the EU and India that will create cooperation in curbing the emissions and mitigating climate change. The loan is being provided as part of the €4.5bn Energy Sustainability and Security of Supply Facility (ESF) and will be the first loan in India that is part of the ESF programme and the first operation between the EIB and ICICI Bank.

India is becoming an increasingly important market in the renewable sector and the country’s government recently signed off power purchase agreements for 35 solar ventures that will add 615MW to the country’s generating capacity by 2013. The government has outlined ambitious plans to produce 20GW through solar by 2022.

Overseas companies are increasingly looking to exploit India’s growing market with Canadian Solar and US photovoltaic supply chain company Spire announcing a presence in the country this month.

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