European Investment Bank set to announce 500 million euro funding for India's renewable energy sector

European Investment Bank is in the final stages of negotiations to announce 500 million euros in funding for the Indian government. Earlier this year the EIB had committed to investing one billion euros in India's green hydrogen sector. Speaking exclusively to CNBC TV18, Kris Peeters the Vice President for EU Investment Bank said, "EIB is working on important negotiations towards the first phase of its investments in renewable energy. We are going to invest not just in green hydrogen but on onshore wind mills and solar panels sector."

Peeters said the European private sector is very keen on exploring opportunities in India's green hydrogen and electrolyzer manufacturing program. "We at EIB are seeing what European electrolyser maker John Cokerill can do not just in Europe but also in India," he said.

In a significant statement, the EIB Vice President said that the bank was not planning to make any future investments in China and that brings a huge opportunity for India.