Amplus Energy Solutions has signed an MoU with Yes Bank for a strategic tie-up to co-finance projects in the solar energy sector in India. Yes Bank, which has been focusing on funding green energy projects in India, also announced that it will mobilise USD one billion by 2023 for financing solar energy projects in India and USD five billion till 2030. The total projects capacity under the partnership of Amplus Energy Solutions and Yes Bank is expected to be up to 1,000 MW.
MD and CEO of Amplus Energy said the following,
"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.
UAE has set a target to meet its 44 percent energy needs by renewable energy by 2050, majority of that by solar energy.
In December 2017, 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. They have already identified eligible solar projects in Karnataka, Telangana, Maharashtra and Rajasthan.
The Gurgaon-based Amplus is also diversifying in new avenues such as battery storage, energy efficiencies, smart cities, and concentrated solar power technologies among others.