Indian private bank Yes Bank has agreed to mobilize $5bn by 2030 for the development of solar projects across the country.

At the International Solar Alliance (ISA) conference organised at World Future Energy Summit to be held this year in Abu Dhabi, the bank has made an announcement to mobilize $1bn by 2023 and $5bn by 2030 towards financing solar energy projects across India

To achieve this goal, the company has signed five solar energy co-financing letters of intent (LOI) with Hero Future Energy (up to 1.5GW capacity), Greenko Group (up to 10GW capacity), Amplus Solar (up to 1GW capacity), Jakson Group (up to 1GW capacity) and Tata Power Delhi Distribution Limited (up to 10MW capacity) for their solar projects in India to be completed by 2023.

This announcement is part of the bank’s commitment to support ISA’s vision to create a robust eco-system for solar energy globally and the Government of India’s aim of achieving 100GW of solar energy by 2022.

It will also act as precursor to Re-Invest 2018, a Government of India’s flagship renewable energy summit, which will be held this April and is expected to create a road map for the bank’s commitment to Government’s vision.

This move from Yes Bank follows the recent $400m co-finance agreement by the bank and European Investment Bank (EIB) to build new solar projects and wind farms in the country.

Yes Bank managing director & CEO and YES Global Institute chairman Rana Kapoor said: “India has taken a leadership position in Climate financing and ISA is a decisive step in augmenting this further. Yes Bank is fully committed to support ISA objectives in sync with our leadership stature as India’s predominant ‘Green Bank’.

“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 $5bn for Climate Finance by 2020.”

Image: Yes Bank to mobilize $5bn by 2030 to finance solar projects. Photo: Courtesy of Neville Micallef/FreeImages.com.