India: Tata Cleantech Sustainable Infrastructure On-Lending Facility

approved

The proposed facility will be used by Tata Cleantech Capital Limited (TCCL) to finance renewable energy, power transmission & distribution, Energy Storage, Industrial Energy Efficiency, and water infrastructure construction projects in India. TCCL, a non-bank financial company classified as Infrastructure Finance Company by Reserve Bank of India, is one of the leading financiers of renewable energy in India. TCCL is a joint venture between Tata Capital Limited and the International Finance Corporation. Tata Capital Limited is majority-owned by Tata Sons Private Limited, the leading Indian conglomerate. The International Finance Corporation is a member of the World Bank Group. TCCL has contributed to sustainable development by participating in the funding of more than 5.2 GW of Renewable Energy Projects. It was the first private sector firm to partner with the Green Climate Fund to develop rooftop solar in India. Since inception, TCCL spread across various sectors in Cleantech, both in utility scale and small-scale segments, has funded over 150 projects and has established a very high-quality USD 700 million loan book. The proposed financing supports AIIB's Sustainable Energy for Asia Strategy and Strategy on Mobilizing Private Capital for Infrastructure. The proposal is aligned with the Government of India's plans to reduce India's carbon intensity by 30-35% of 2005 levels under the Paris Agreement.