New Delhi: The European Investment Bank (EIB), which has made a record lending in India in 2017, plans to fund over €1 billion to projects including renewable energy over the next two years.

“In the last five years alone, we have done 1.7 billion euros in financing, of which one billion euros of approvals was done this year alone," Donal Cannon, head of EIB in South Asia, said in an interview on Tuesday. “We hope to do something less than a billion euros each for the next two years," he said.

The bank has a portfolio of nearly €2 billion in India with half of it in renewable projects and the rest in urban transport. EIB will be looking to invest in solar manufacturing, energy storage, electric vehicles, maritime transport and off-shore wind power.

EIB and Yes Bank Ltd on Tuesday announced a joint $400 million fund to provide 15 year debt to solar and wind projects.

While eligible solar projects have already been identified in states of Rajasthan, Telangana, Maharashtra and Karnataka, additional wind and solar projects are currently being examined. Bloomberg

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