Subject to Indian Government and EIB approvals, the €1bn funding is set to be used to support large-scale green hydrogen hubs and projects across India.
Under a Memorandum of Understanding (MoU), the EIB is exploring a credit facility with the Indian Government to provide investments to critical public sectors supporting the development of the green hydrogen industry.
According to the EIB, such facility would support the effort to commercialise upcoming green hydrogen technologies and accelerate the cost reduction by investing in innovation, R&D, green hydrogen hubs, and pilot projects.
“The European Investment Bank recognises the huge potential of developing and reducing the cost of green hydrogen in India,” said Kris Peeters, Vice-President of the EIB. “Together with industry, national government and state authorities we are exploring how the EU Bank might play a role in supporting India’s National Hydrogen mission, in order to enable the use of green hydrogen to decarbonise energy, industry and transport.”
The announcement follows shortly on the Indian Government’s announced $2bn public finance allocation for its National Green Hydrogen Mission.
Read more: India approves $2bn incentive plan to boost green hydrogen
Jill Evanko, President and CEO of Chart Industries and Founding Member of the IH2A, commented, “We are delighted to partner with EIB to bring much needed funding to help develop the green hydrogen economy in India. Funding for large-scale green hydrogen projects is nascent and EIB’s participation will help solve a key eco-system problem.”
The EIB has been financing investment in Europe and working with partners in Africa, Latin America, and Asia to accelerate large-scale green hydrogen investment.
Read more: EIB and Mauritania to scale green hydrogen investments
Ugo Astuto, EU Ambassador to India, said, “The European Investment Bank joining the India Hydrogen Alliance today further highlights a Team Europe approach for a green and resilient future, underpinning the EU Global Gateway strategy.”
Newsletters
At H2 View, we know just how much hydrogen news there is to keep on top of. That’s exactly why we’ve launched a brand new daily newsletter that will send you the top five stories every day, straight to your inbox.
Don’t forget we also have our weekly newsletter which includes a round-up of the past seven days’ hydrogen highlights, including not only news but also interviews, features and analysis.
Sign up for our newsletters.