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AIIB provides $100 million to L&T Finance arm for wind and solar infrastructure projects

The Asian Infrastructure Investment Bank (AIIB) will give $100-million loan to L&T (Larsen & Toubro) Infrastructure Finance Company (LTIF) for wind and solar infrastructure projects.

 

This is the first time AIIB has provided loan to a non-banking finance company(NBFC).


LTIF, a subsidiary of L&T Finance Holdings, in collaboration with AIIB helps the company explore in the international market for green finance.


The project will help in increasing the supply of renewable energy in India& also helps to reduce the carbon intensity by 30-35 percent of the 2005 levels by 2030 which was India’s commitment under Paris agreement.


India has set a target to install 175 Gigawatt (GW) of renewable energy capacity by 2022, of which a total of 80.04 GW of renewable energy capacity has been installed in the country till May 2019.


About L&T


Headquarters: Mumbai


MD & CEO: S.N.Subhramaniyam


About AIIB


President: Jin Liqun


Headquarters: Beijing, China


Formation: January 16, 2016

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