EIB Backs Offshore Wind in India

The European Investment Bank (EIB) has held its first offshore wind investment conference in India.

Government officials, policy experts, business leader, public and private sector project promoters and financial professionals attended the conference in New Delhi.

Technical experts from the EIB highlighted how the public sector can accelerate deployment of innovative renewable energy technology and identified infrastructure, skills and financial mechanisms that have enabled offshore wind to become a key source of clean energy in a number of European countries.

“The EIB is pleased to host our first offshore wind investment conference in New Delhi and bring together technical and financial expertise from across India and the European Union’s unique global experience in the sector,” said Andrew McDowell, Vice President of the European Investment Bank responsible for Energy and South Asia.

”We look forward to broadening cooperation with Indian partners to support new renewable energy projects in the months ahead and enabling offshore wind to contribute to clean power generation in the country.” 

EIB has also announced new credit lines with the State Bank of India and Yes Bank for renewable energy projects in India.

More than 30 companies and consortia have shown interest to build India’s first offshore wind farm, following an invitation for expressions of interest issued earlier this year.

India’s current target is 5GW of offshore wind capacity by 2022 and 30GW by 2030.