India just got $400 million of financing for new solar and wind energy farms

Narinder Nanu | AFP | Getty Images

Renewable energy in India is set to get a $400 million boost through a joint initiative backed by the European Investment Bank (EIB) and India's Yes Bank.

In an announcement Tuesday, the EIB said that Yes Bank would manage the co-financing program for the development of new solar and wind facilities in India.

The EIB said that "eligible solar projects" had been identified in the states of Karnataka, Telangana, Maharashtra and Rajasthan. More wind and solar projects were currently being examined, it added. In 2016, the EIB provided 19.6 billion euros ($23.20 billion) for climate related investment across the globe.

"India and the European Union are committed to the Paris Agreement and tackling climate change," Andrew McDowell, the EIB's vice president, said in a statement.

"This new $400 million initiative demonstrates the shared vision and commitment of both the European Investment Bank and Yes Bank to increasing renewable energy power generation across India," he added.