NEW DELHI, February 17, 2015: YES BANK, India’s 4th largest private sector bank, is the first private sector bank to provide a Green Energy Commitment (GEC) of financing 5 GW (5,000 MW) of renewable energy projects over the next 5 years. The GEC was presented by YES BANK to Hon’ble Finance Minister Shri Arun Jaitley at the Valedictory session of RE-INVEST 2015, the inaugural edition of the flagship renewable energy investment summit and expo; by the Ministry of New and Renewable Energy (MNRE) in partnership with the Indian Renewable Energy Development Agency (IREDA).
YES BANK has also been recognized as the pro-bono Knowledge Partner for RE-INVEST 2015, and also prepared and released a knowledge report called “Realising Synergies: Increasing Renewable Energy Investments in India” at the event.
Mr. Rana Kapoor, MD & CEO, YES BANK said, “India has the potential to be amongst the top 3 countries globally in the next five years in terms of installed capacity of renewable energy, thereby creating millions of new jobs, reducing poverty and achieving sustained socioeconomic development. Bold initiatives, such as Green Energy Commitments, with proactive involvement of industry, will enable the Government to achieve its target of generating 100 GW of Solar, 60 GW of Wind, 10 GW of Bio-Energy and 5 GW of Small Hydro power by 2022.”
YES BANK has also catalyzed GECs from 45 of its clients, amounting to more than 160 GW of renewable energy projects. As a key partner in making RE-INVEST one of the world’s leading Annual Renewable Energy Conferences, YES BANK is supporting two technical sessions and hosting one break-out session, and also working with the Invest India team to activate the RE Investor Facilitation Cell to ensure maximum outcome from the Summit.
YES BANK has also launched India’s FIRST ever Green Infrastructure Bonds to raise INR 500 Crores (with a greenshoe option to retain additional investment). The bonds are for a tenor of 10 years and rated AA+. The amount raised will be used by YES BANK to finance Green Infrastructure Projects in Renewable Energy and Energy Efficiency Projects including Solar Power, Wind Power, Biomass, and Small Hydel Projects, and in turn meet the bank’s Green Energy Commitment.
With the share of renewable energy in total power generation expected to increase from the present 6.5% to 15% by 2019, there is significant scope for companies in this space. 78.1% of India’s wind energy potential and 99.6% of solar energy potential still remains untapped, pointing towards a tremendous growth potential in the renewable energy industry.
As an institution built on the cornerstone of Responsible Banking, YES BANK remains fully committed to helping the Government in establishing a platform for industry and other stakeholders for achieving 100 GW of installed Solar Power capacity in India.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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