Amplus Energy Solutions has signed an MoU with India’s leading bank Yes Bank for a strategic tie-up to co-finance projects in the solar energy sector in India.

The agreement was signed at International Solar Alliance pavilion at the World Future Energy Summit, Abu Dhabi.

Yes Bank will look for bankable projects to invest in and Amplus will develop them. Total projects capacity is expected to be up to 1,000 MW under the partnership. These projects would be developed by Amplus by 2023.

Yes Bank which has been focussing on funding green energy projects in India also announced on Wednesday that it will mobilise $1 billion by 2023 for financing solar energy projects in India and $5 billion till 2030.

World Future Energy summit, which is being held in Abu Dhabi, UAE from January 15-18,is focussing on renewable energy.UAE has set a target to meet its 44% energy needs by renewable energy by 2050, majority of that by solar energy.

Speaking about the partnership, Mr. Sanjeev Aggarwal, Managing Director & CEO, Amplus Energy said “Yes Bank has been one of the leading financial institution in India which has been supporting and funding solar projects since several years now. Our partnership with Yes Bank is a perfect match for solar projects in India as we can provide installation, operational and maintainence expertise and Yes Bank can fund eligible projects, it provides a 360 degree offering for firms looking to install solar plants,”.

Just last month in December, Yes Bank and European Investment Bank announced that they have created a fund of $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.