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Yes Bank to mobilise USD 1 billion by 2023 for solar power projects

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

The announcement was made at the International Solar Alliance (ISA) conference at Abu Dhabi.

In a release, the bank said it made an announcement for "mobilising USD 1 billion till 2023 and USD 5 billion till 2030 towards financing solar energy projects in India".

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 November 2015 by Prime Minister Narendra Modi and the then President of France Francois Hollande, on the sidelines of UNFCCC COP21 at Paris.

It is a treaty-based alliance of 121 prospective solar rich member nations and aims at accelerating development and deployment of solar energy globally.