EIB will help Indian renewable energy project by loaning EUR 80 million
The European Investment Bank (EIB), helped Italian export credit agency SACE S.p.A, signs EUR 40 million loans as first instalment to SREI Infrastructure Finance Limited (SREI) for financing green energy programs in India.
The EIB and Italy’s SACE S.p.A signed a €40 million long-term loan agreement with India’s SREI for helping with the finance of some investments which have the role of mitigating climate changes in the country.
This triplet cooperation is the first movement within an €80 million pledge and it was created to promote Italian exports, help with India’s renewable energy objectives and benefit economies in the European Union.
Some parts of the loan is dedicated to renewable energy projects in India, that are mostly under the wing of private sector companies. To be precise, the loan will help electricity and heat generation schemes, meaning photovoltaic energy and wind power.
The loan is a bid made by all the parts to help India with it’s struggle for environmentally sustainable power. Moreover, it will help stimulate portions of the Indian economy although there is a development of domestic energy resources, improved energy efficiency and a reduction in airborne pollutants and carbon emissions.
This loan is a part of the EIB’s largest nergy Sustainability and Security of Supply Facility (ESF) fund, that has, until now contributed with more that €4.9 billion regarding a long term investments programs in the Asian continent, and €2.2 billion of that has been ploughed into the energy sector.
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