Amplus Inks Pact with Yes Bank for Solar Power Projects

Rooftop solar energy company Amplus is also diversifying in new avenues such as battery storage, energy efficiencies, smart cities, and concentrated solar power technologies among others.

Amplus Energy Solutions has signed an MoU with Indian private sector lender Yes Bank for a strategic tie-up to co-finance projects in the solar energy sector in the country.

The total projects capacity under the agreement of Amplus Energy Solutions and Yes Bank is expected to be up to 1,000 MW.

Yes Bank, which has been focussing on funding green energy projects in India, also announced that it will mobilise $1 billion till 2023 and $5 billion till 2030 towards financing solar energy projects in India.

Sanjeev Aggarwal, MD and CEO, Amplus Energy, “Our partnership with Yes Bank is a perfect match for solar projects in India as we can provide installation, operational and maintenance expertise and Yes Bank can fund eligible projects, it provides a 360 degree offering for firms looking to install solar plants.”

The agreement was signed at International Solar Alliance pavilion at the World Future Energy Summit, Abu Dhabi.

World Future Energy summit, which is being held in Abu Dhabi, UAE from January 15 to 18, is focusing on renewable energy.

United Arab Emirates (UAE) has set a target to meet its 44 percent energy needs by renewable energy by 2050, majority of that by solar energy.

Last year, Yes Bank and European Investment Bank announced that they have created a fund of USD 400 million to fund solar and wind projects in India.

Both Yes Bank and European Investment Bank have already identified eligible solar projects in Karnataka, Telangana, Maharashtra and Rajasthan.

Rooftop solar energy company Amplus is also diversifying in new avenues such as battery storage, energy efficiencies, smart cities, and concentrated solar power technologies among others.

Source: ANI