EIB to support National Green Hydrogen Mission with €1 billion loan

New Delhi: European Investment Bank (EIB) will support the Indian government's recently approved National Green Hydrogen Mission with a loan of up to €1 billion to assist the country's nascent Indian green hydrogen ecosystem and renewable energy projects, the agency said on Thursday.

EIB's vice-president Kris Peeters will confirm the lender's interest in providing the loan facility during his upcoming trip to India this week to attend G20 events.

"He (Peeters) 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," EIB said in a statement.

"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, and in support of India’s own ambitious agenda on climate, renewable energy, connectivity and sustainable finance, in particular by supporting projects with strong climate action benefits," the statement added.

India's National Green Hydrogen Mission aims to boost the green hydrogen production and ecosystem. The government has set a target to build capabilities for producing at least 5 million tonne GH2 per annum by 2030.

“The European Investment Bank, the EU bank, 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," EIB's vice president Kris Peeters said,

"India is a key country of operations for the EIB and hosts the EIB regional representation for South Asia," Peeters added.