Asian Infrastructure Investment Bank (AIIB) provide a $100-million loan to L&T(Larsen & Toubro) Infrastructure Finance Company(LTIF) for wind and solar infrastructure projects. This is the first time AIIB is extending the loan to a non-banking finance company(NBFC).
It is collaborated with AIIB to explore the international market for green finance. The project mainly helps to increase the supply of renewable energy in India. It helps to reduce the carbon intensity by 30-35 percent of the 2005 levels by 2030 which was India’s commitment under the Paris agreement.
India 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 installed in the country till May 2019.
♦ Headquarters: Beijing, China
♦ President: Jin Liqun
♦ Formation: January 16, 2016
♦ Headquarters: Mumbai
♦ Founders: Henning Holck-Larsen, Søren Kristian Toubro
♦ MD & CEO: S.N.Subramanian