BEIJING, CHINA - JANUARY 16: (CHINA OUT) People walk out of the Asian Infrastructure Investment Bank (AIIB) as the opening ceremony of the AIIB holds at Beijing Diaoyutai State Guest House on January 16, 2016 in Beijing, China. AIIB will be an inter-governmental regional development institution in Asia. As agreed, Beijing will be the host city for AIIB's headquarters. (Photo by VCG/VCG via Getty Images)
India’s L&T Infrastructure Finance Co Ltd will get USD 100 million (EUR 88.9m) in debt by the Asian Infrastructure Investment Bank (AIIB) to expand on-lending for renewables in India.
AIIB said on Friday that the deal will mark its first loan extension to a non-banking financier. The Indian lender will use the debt facility to on-lend to wind and solar projects across India, which aims to cut its carbon dioxide (CO2) emissions by 30%-35% of 2005 levels by 2030.
According to the press release, the loan mobilises private capital from sponsors, other financiers and L&T Infrastructure Finance’s own sources. “AIIB’s financing will help secure the funding supply for renewable energy project development in India,” said AIIB vice president and chief investment officer D J Pandian.
L&T Infrastructure Finance is a unit of L&T Finance Holdings Ltd and is India’s leading non-bank finance company in the renewables sector.
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