CDC Group, a UK government-owned development finance institution, today announced a US $30-million green lending facility to Tata Cleantech Capital Limited (TCCL). The investment will enable TCCL to offer loans to businesses across India that focus on e-mobility solutions and water and energy efficiency.
India is the world’s fourth-largest emitter of greenhouse gas emissions and is amongst the top ten water consuming countries in the world. CDC’s facility will enhance efforts to avoid greenhouse gas emissions by increasing the deployment of energy efficiency and e-mobility solution.
Manish Chourasia, managing director, Tata Cleantech Capital Limited, said they look forward to deploying the CDC facility to fill in the market gap in the e-mobility, energy efficiency and water efficiency sectors, while pursuing a developmental agenda with sustainability at its core.
“Looking forward, CDC is keen to invest more of its long-term capital in target green sectors that will drive India’s transition to a net-zero carbon future,” announced Srini Nagarajan, managing director and head of Asia at CDC.
Geoffrey Manley, director and head of energy access and efficiency at CDC, noted: “CDC’s innovative directed green lending facility will enable TCCL to provide funds quickly and at scale, to local green businesses that are doing their part in helping India take active steps to combat climate change.”
Tata Cleantech Capital, a joint venture between Tata Power’s Tata Capital Limited and World Bank’s International Finance Corporation, is a private sector green investment bank focusing on climate finance and advisory services. Since its inception, TCCL has played an instrumental role in mainstreaming finance for new and nascent sectors. In 2019, it secured a US$ 100 million line from Green Climate Fund to develop the rooftop solar market in India.
TCCL, having financed more than 220 projects, has contributed to the development of around 7.7 GW of renewable energy.
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