EU banks on Indian renewables with €150m loan

The projects, which include solar and wind power, are expected to benefit more than 1.1 million homes in the country

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By Priyanka Shrestha

The European Investment Bank (EIB) is providing a loan totalling €150 million (£133m) for renewable energy projects in India.

It has signed an agreement with the Indian Renewable Energy Development Agency (IREDA) to provide the support that is expected to benefit more than 1.1 million homes in the country.

The projects, which include solar power schemes and onshore wind farms, are expected to produce around 1,156GWh of clean electricity and create hundreds of new jobs.

In 2014, the EIB agreed to support new projects managed by IREDA that has enabled more than 520MW of clean power capacity to be built.