EIB set to announce 500 million euro funding for India's renewable energy sector

EIB set to announce 500 million euro funding for India’s renewable energy sector

The Indian government will get 500 million euros in funding, according to agreements between the Indian government and the European Investment Bank. The EIB agreed to spend one billion euros on India’s green hydrogen industry earlier this year.

Speaking exclusively to CNBC TV18, Kris Peeters the Vice President for EU Investment Bank said, “EIB is working on important negotiations towards the first phase of its investments in renewable energy. We are going to invest not just in green hydrogen but in onshore windmills and solar panels sector.”

According to Peeters, the European private sector is highly interested in learning more about the prospects in India’s program for manufacturing green electrolyzers and hydrogen. “We at EIB are seeing what European electrolyzer maker John Cockerill can do not just in Europe but also in India,” he said.

The EIB Vice President made an important comment when he declared that the bank has no plans to make any additional investments in China, which presents India with a great opportunity.

“The world is looking to India and what it is doing in energy, climate, and its cities. Time for India to tell the global financing world about the huge investment opportunity that lies here,” he said.

A total of 4 billion euros have been invested by the European Investment Bank in India so far, of which 3.1 billion euros have gone to infrastructure and sustainable transportation projects in Lucknow, Bangalore, Pune, Bhopal, Kanpur, and Agra.

According to Peeters, the EIB, Europe’s bank for climate financing, invests 10 billion euros a year outside of Europe, with a sizable portion possibly going to India. The Indian Hydrogen Alliance, which is organized by the industry, includes the EIB.