EIB keen to extend 1-bn euro finance for green hydrogen, RE projects in India

New Delhi: Luxembourg-based European Investment Bank (EIB) on Thursday said it is keen to extend finance of 1 billion euros for the development of green hydrogen and renewable energy projects in India.

In this regard, EIB Vice-President Kris Peeters will make a four-day business visit to India this week to strengthen cooperation with the Indian public and private sectors and discuss EIB support for clean energy investment and its transport in the country, the bank said in a statement.

The European Investment Bank (EIB) is the lending institution of the European Union member states.

"The aim of the visit is 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 statement said.

Peeters will visit the G20 Infrastructure Investors Dialogue (IID), where he will meet banking leaders. The G20 IID is an official G20 event organised during the third meeting of finance ministers and central bank governors in Gandhinagar, Gujarat, India, it said.

He will join a panel on 'Catalysing sustainable finance for cities of tomorrow,' as a representative of the EIB, which heads the D20 Long-Term Investors Club, the bank said.

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, it said.

"(During the visit) 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," it said.

He will highlight the EIB's interest in boosting India's renewable energy ambitions by backing renewable energy generation, as well as enabling technologies and infrastructure for energy storage, power transmission and distribution.

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. India is a key country of operations for the EIB, the VP Peeters said.

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.

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