9 January 2023
Promoter – Financial Intermediary
STATE BANK OF INDIA
The operation consists of a framework loan to support climate action investments in India. The facility will finance renewable energy generation projects, electric mobility or green hydrogen production, as well as potentially other eligible climate action investments.
The framework loan will finance a series of renewable energy generation plants located in India, mostly of small to medium size, as well as potentially other climate action investments, such as renewable energy equipment manufacturing or low carbon transport, promoted by private sector companies.
- Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
EUR 200 million
Total cost (Approximate amount)
EUR 400 million
If the schemes were located within the EU, most of them would fall under Annex II of the Environmental Impact Assessment (EIA) Directive (2014/52/EU amending the EIA Directive 2011/92/EU), with the competent authorities assessing the need for an EIA. The inclusion of certain interconnection infrastructure, falling under Annex I, would require a mandatory EIA.
In India, environmental and social regulations include some of the elements present in the EU Directives, although there is traditionally certain lack of enforcement. In particular, national regulation requires an Environmental and Social Standards Assessment (ESIA) for these type of projects. Compliance with ESIA at the Framework Loan and allocation levels will be verified during the appraisal of the schemes, in particular the Promoters' environmental and social capabilities and procedures, public consultation process, vulnerable groups and land tenure issues.
The Promoter has to ensure that implementation of the project will be done in accordance with the EIB's Guide to Procurement.
Signed - 31/12/2022