EIB Commits USD 60 Million to Boost India's Energy Transition

EIB Global, part of the European Investment Bank, invests USD 60 million in the India Energy Transition Fund managed by EAAA Alternatives. The fund aims for USD 300 million to support renewable energy projects. The agreement signifies collaboration between India and Europe for infrastructure investment in sustainable sectors.

EIB Global, the development arm of the European Investment Bank (EIB), has announced a USD 60 million investment in the India Energy Transition Fund, managed by EAAA Alternatives. A formal agreement was finalized in the national capital, marking a significant step in India's renewable energy journey.

EIB Vice-President Nicola Beer emphasized the fund's role in accelerating private investment and supporting decarbonization efforts. The fund, the first of its kind managed by an Indian entity, will direct its resources towards various climate action and sustainability initiatives, including renewable energy and electric vehicles.

EAAA Alternatives CEO Subahoo Chordia revealed that USD 163 million has already been sourced from investors, and the target is to complete the USD 300 million funding over 4-5 years. This strategic financial influx aims to foster clean energy projects and strengthen ties between India and the European Union.

(With inputs from agencies.)