An employee inspects solar panels, part of a solar power microgrid, in the village of Dharnai in Jehanabad, Bihar (Photographer: Prashanth Vishwanathan/Bloomberg)

Yes Bank To Mobilise $1 Billion By 2023 For Solar Projects

Private sector lender Yes Bank today said it will mobilise $1 billion by 2023 for financing solar energy projects in India.

In a release, the bank said it will be "mobilising $1 billion till 2023 and $5 billion till 2030 towards financing solar energy projects in India". The announcement was made at the International Solar Alliance (ISA) conference at Abu Dhabi.

Yes Bank signed five solar energy co-financing Letters of Intent with Tata Power Delhi Distribution, Hero Future Energy, Greenko Group, Amplus Solar and Jakson Group for their solar projects in India to be completed by 2023.

The ISA was jointly launched in Nov. 2015 by Prime Minister Narendra Modi and the former French President Francois Hollande, on the sidelines of 2015 United Nationa Climate Conference at Paris. It is a treaty-based alliance of 121 prospective solar rich member nations aiming to accelerate development and deployment of solar energy globally.