EIB may announce 500 million euro funding for India’s renewable energy sector: Report

European Investment Bank is all set to fund 500 million euros for the Indian government and it is in the final stages of negotiations, reported CNBC-TV18 on 16 July.

The EIB had committed to investing one billion euros in India's green hydrogen sector earlier in 2023.

"EIB is working on important negotiations towards the first phase of its investments in renewable energy. We are going to invest not just in green hydrogen but in onshore windmills and solar panels sector," CNBC-TV18 quoted EU Investment Bank's Vice President Kris Peeters as saying.

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He added that the European private sector is very keen on exploring opportunities in India's green hydrogen, adding that European electrolyzer maker John Cockerill is interested in India.

"We at EIB are seeing what European electrolyzer maker John Cockerill can do not just in Europe but also in India," he said.

Apart from this, Kris Peeters mentioned that the bank is not mulling to make future investments in China, which brings a huge opportunity for India.

"The world is looking to India and what it is doing in energy, climate, and its cities. Time for India to tell the global financing world about the huge investment opportunity that lies here," he said.

The European Investment Bank has till now invested 4 billion euros in India.

With agency inputs.