Yes Bank to mobilise $1 bn by 2023 for solar power projects

YES BANK, India’s fifth largest private sector bank, made a major announcement for mobilizing USD 1 billion till 2023 and USD 5 billion till 2030 towards financing solar energy projects in India at the International Solar Alliance (ISA) conference organised at World Future Energy Summit 2018 in Abu Dhabi.

Towards this, the Bank also signed five solar energy co-financing Letters of Intent (LoI) with Tata Power Delhi Distribution Limited (up to 10 MW capacity), Hero Future Energy (up to 1.5 GW capacity), Greenko Group (up to 10 GW capacity), Amplus Solar (up to 1 GW capacity) and Jakson Group (up to 1 GW capacity) for their solar projects in India to be completed by 2023.

This significant announcement is part of YES BANK’s commitment to support ISA’s vision of creating a robust eco-system for solar energy globally and the Government of India’s target of achieving 100 GW of solar energy by 2022.

This will also act as a precursor to Re-Invest 2018, the flagship Renewable Energy summit of the Government of India, scheduled to be held in April 2018 and will help create an action road map of the Bank’s commitment to the Government’s vision.

Rana Kapoor, Managing Director & CEO, YES BANK and Chairman, YES Global Institute, said, “India has taken a leadership position in Climate financing and ISA is a decisive step in augmenting this further. I am confident that such sustained faith and trust of global institutions on YES BANK’s proven Renewable Energy credentials with a demonstrated track record have enabled us to pursue achievement of our twin targets of financing 5 GW of Renewable Energy, and mobilising USD 5 Billion for Climate Finance by 2020”.

Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.