European Investment Bank to help finance green hydrogen, renewable energy in India

European Investment Bank (EIB), a Luxembourg based bank on Thursday announced that it is keen to extend finance worth 1 billion euros for green hydrogen and renewable energy projects in India, reported news agency PTI. This comes at a time when the country envisions a net zero vision in the future. 

Details of the proposed investment

EIB Vice President Kris Peeters is planning a four-day visit to India, thereby strengthening the cooperation with the public and private sectors. The meeting is supposed to discuss EIB's proposed plan for clean energy investment and its transportation in the country.

"The EIB is committed to supporting transformational private and public investment across India, improving access to finance by entrepreneurs and addressing the challenges of a changing climate," VP Vice President Kris Peeters said.

The visit aims to confirm the EIB's commitment to future investment under the EU-India Connectivity Partnership, in support of the European Green Deal and the EU Global Gateway strategy.

The EIB is a prominent lending institution of the EU member states. Company Vice President Kris Peeters will attend the G20 Infrastructure Investors Dialogue (IID) and will meet banking leaders. The G20 (IID) is an official G20 event organised after the third meeting of finance ministers and governors.

The bank statement revealed that Peeters will join a panel on 'Catalysing sustainable finance' for cities of tomorrow as a representative of the EIB.

India is the largest beneficiary of EIB transport financing outside Europe. The bank's support for transport projects in India includes the financing of metro investment in Agra, Bangalore, Bhopal, Kanpur and Lucknow, with a total of 2.45 billion euros committed since 2016. This makes India the largest beneficiary of EIB transport financing outside Europe.

Vice-President Peeters will confirm the EIB's interest in supporting the recently approved National Green Hydrogen Mission with a facility of up to euros 1 billion in support of the nascent Indian green hydrogen ecosystem and renewable energy projects.

The EIB delegation will also meet Sushil Kumar, Managing Director of Uttar Pradesh Metro Rail Corporation (UPMRCL). The Agra Metro project is backed by a 250 million euro EIB loan. Agra Metro is one of the six transport projects EIB has supported in the country. 

(With PTI inputs)