Yes Bank to finance solar energy projects

Yes Bank recently made an announcement of mobilizing solar energy projects in India. India’s fifth largest private sector bank plans to fund US$1 billion till 2023 and US$5 billion by 2030 towards financing solar projects, the company announced at the International Solar Alliance (ISA) held at Abu Dhabi.

Implementing their commitment, Yes Bank has signed co-financing letter of intent with Tata Power Delhi distribution (10 MW capacity), Hero Future Energy (1.5 GW capacity), Greenko Group (10 GW capacity), Amplus Solar (1 GW capacity) and Jakson Group (1 GW capacity). Estimated time of completion of projects is 2023.

India has taken a leadership position in climate financing and Yes Bank is fully-committed to support its objectives, said Rana Kapoor, MD of Yes Bank in filing to the bourses. This significant announcement is part of the bank’s support to ISA’s vision of creating robust ecosystem and governments vision of achieving 100 GW of solar energy by 2022. This measure will aid solar manufacturing/project companies to obtain hassle-free financing.

The stock with a market capitalization of Rs. 80,857crore opened on Thursday at Rs. 350 with its previous close of Rs. 342.50 and touched an intraday high of Rs. 356.50 per share.