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.

"The world is looking to India and what it is doing in energy, climate and its cities. Time for India to tell the global financing world about the huge investment opportunity that lies here," he said.

To date, the European Investment Bank has invested 4 billion euros in India, out of which 3.1 billion euros has gone towards infrastructure and sustainable transport programmes in Lucknow, Bangalore, Pune, Bhopal, Kanpur and Agra.

Peeters said, the EIB, the climate financing bank of Europe is making an investment of 10 billion euros outside Europe every year, and a large chunk of it could go to India. The EIB is also a part of the industry led, Indian Hydrogen Alliance.