Yes Bank commits $1 billion for solar power projects

YES Bank has announced its plans to mobilise $1 billion by 2023 for financing solar power projects in India. The announcement was made at the International Solar Alliance conference in Abu Dhabi where YES Bank signed five solar energy co-financing letters of intent with TPDDL (for up to 10 MW capacity), Hero Future Energy (for up to 1.5 GW capacity), the Greenko Group (for up to 10 GW capacity), Amplus Solar (for up to 1 GW capacity) and Jakson Group (for up to 1 GW capacity). In addition, the bank is planning to raise $5 billion by 2030. This development comes on the back of a recent $400 million co-finance agreement signed between Yes Bank and the European Investment Bank for the construction of new solar power plants and wind farms across the country.