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Ministry of New & Renewable Energy Rolls Out Roadmap to Build Energy Security in India

YES Bank hosted a vital investor roundtable as a precursor to
RE-INVEST 2016

Mumbai, June 26, 2015:The Ministry of New and Renewable Energy, Government of India, in association with YES BANK hosted an Investor Roundtable on Friday, June 26, 2015. The roundtable was organized to bolster investments in the renewable energy sector and discuss - “Renewable Energy Sector in India - Galvanizing Debt Flows”. The roundtable was attended by Shri NS Vishwanathan, Executive Director, Reserve Bank of India, Shri K.K Jalan, Central Provident Fund Commissioner, Employees Provident Fund Organization (EPFO), Pension Fund Regulatory & Development Authority (PFRDA) and senior officials from PSU banks, public sector banks, mezzanine investors, public and private insurance companies. The event was a prelude to the upcomingRE-INVEST 2016to be inaugurated by Hon’ble Prime Minister of India, Shri Narendra Modi in February,2016.

The roundtable focused on laying the roadmap on actioning the outcomes of RE-INVEST 2015 and fulfilling the targeted 5x increase in RE capacity installations including installed capacityRE of 175 GW by 2022 The interactions centered on two broad topics;Debt Market – Accelerating Bond Flows for Renewable Energy and Innovating Financing Options by Banks.

Some key recommendations proposed to the Ministry and other regulators at the roundtable were easy ownershiptransfers in M&A transactions, relaxation in dividend distribution taxes and institutingInfrastructure Investment Trusts, which was recently cleared by SEBI to open up the renewable energy space to new category of yield investors. Investors observed that the development ofGreen Bonds Market in India is critical for tapping fixed income investments for the sector and identified that high hedging cost as one of the key constraint in raising low cost foreign debt.

In his key note address,Shri Upendra Tripathi, IAS, Secretary, Ministry of New & Renewable Energy, Government of India said, “Finance is one of the most important drivers for growth and development in the energy sector. It is heartening to see such participation from investors representing Pension Funds, Insurance Firms, Banks, etc. from both Public and Private sector. Some of the ideas and suggestions regarding better financial structuring and lowering hedging costs have been noted and suitable steps are being planned.”

Addressing the gathering,Shri K.S Popli, CMD, IREDA noted, “IREDA is fully committed to building Energy Security in India through Renewable Sources. However revised renewable energy targets require larger financing. I congratulate YES BANK for hosting this forum of distinguished speakers where short, medium and long term solutions have been discussed thread bare.”

Shri Ashvini Kumar, MD SECI, in his speech mentioned, “YES BANK has always been in the forefront propagating RE sector in the country. This seminar organized in association with MNRE on financing of 175 GW RE, a national target set by Govt. of India, is very timely with high relevance. I congratulate entire YES BANK Team on this initiative.”

Speaking at the event, Mr. Rana Kapoor, MD & CEO, YES BANK and President, ASSOCHAM said, “YES BANK is committed to unleashing the potential of the New and Renewable energy sector through initiatives like India’s FIRST ever Green Infrastructure Bonds and our Green Energy Commitment of financing 5 GW of RE over the next 5 years in addition to mobilizing over 20 GW of GECs. In the roundtable we have put forth some suggestions like dollarizing the entire solar power value chain, creating a national hedging fund and creation of a national hedging fund to the Ministry.”

YES BANK was a proud partner of the Ministry of New and Renewable Energy in all its efforts to galvanize interests and investments in this sector including RE-INVEST 2015 and 2016.

About YES BANK LIMITED

YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.

YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India” by 2020.

For media queries, please contact:

YES BANK Limited
Krunal Mehta
Ph.: +919867163634
Email: krunal.mehta1@yesbank.in

Adfactors PR
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