EIB to provide around $1.1b to support green hydrogen dev’t in India

It now joins the India Hydrogen Alliance.

The European Investment Bank (EIB) has joined the India Hydrogen Alliance and allotted indicative funding of nearly $1.1b (EUR1b) to increase the support for the large-scale green hydrogen hubs and projects in India.

In a statement, EIB said the new memorandum of understanding with the alliance supports the Indian government’s confirmation of a $2b public finance allocation for the National Hydrogen Mission.

“Increased cooperation through the India Hydrogen Alliance will help to implement a national green hydrogen roadmap that delivers India’s energy transition and net-zero carbon plans while strengthening energy security in the years ahead,” said EIB Vice President Kris Peeters. 

The support will also help the alliance in attracting global investors to work with industry players and government agencies to implement green hydrogen projects and develop the sector.

The bank also looking at a credit facility with the Indian government to provide investments in key public sectors backing the green hydrogen industry.

EIB added the facility will also help the Indian government in commercialising upcoming green hydrogen technologies and cut costs.

$1 - EUR0.93