YES Bank, an India-based private sector bank, has launched its cleantech accelerator platform ‘Yes Scale’ in association with the MNRE. The accelerator aims to assist start-ups in the fields of energy efficiency, waste management, and water management.
Yes Scale will provide all affiliated start-ups with access to technology, mentorship, funding, and market entry. The affiliated start-ups will also be eligible to receive a pilot grant of up to Rs 2 million. The program will focus on sectors such as smart cities, clean energy technologies, agricultural technologies, life sciences, educational technologies, etc.
Over the past few years, Yes Bank has made many investments and provided funding in the clean energy sector. In a conference held by the International Solar Alliance in January 2018, YES Bank announced that it would provide up to $1 billion for financing solar PV projects in the country by 2023 and $5 billion by 2030.
Yes Bank has already signed five solar energy co-financing letters of Intent with Hero Future Energies (up to 1.5 GW of capacity); Greenko Group (up to 10 GW of capacity); Amplus Solar (up to 1 GW of capacity); Jakson Group (up to 1 GW of capacity); and Tata Power Delhi Distribution Limited (up to 10 MW of capacity). All these solar power projects will be set up inside the country and are slated for completion by 2023.