The European Investment Bank (EIB) and private sector lender YES Bank have floated a $400 million (Rs 25.62 billion) co-financing programme for the construction of solar power plants and wind farms across India. YES Bank will manage the programme, which will be supported by a 15-year $200 million loan (Rs 12.81 billion) by EIB, along with financing from YES Bank, project promoters and other financial institutions. The fund will focus on investing in large-scale utility projects in India and a few projects have already been identified in Rajasthan, Telangana, Maharashtra and Karnataka. With its current investment, the bank is on track towards achieving its commitment of financing 5,000 MW of renewable energy. Besides this, YES Bank is also looking at financing developers in the electric vehicles segment.
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