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Rs 52,272 mn EIB support for India’s green energy projects

New Delhi, Oct 6 (UNI) The European Investment Bank (EIB) has inked a new agreement with the International Solar Alliance to mobilise finance to develop and deploy affordable solar energy in solar rich countries.

The EIB also confirmed plans to provide record 800 million euro dollars for renewable energy investment across India.
Under the agreement, the EIB will work with the International Solar Alliance (ISA) to mobilise financing for development and deployment of affordable solar energy in ISA member countries.
"This new agreement reflects our shared commitment to successful implementation of the Paris Climate Agreement and ensuring that solar rich economies can harness solar power to increase the supply of affordable clean energy,” European Investment Bank Vice President Andrew McDowell said here on Friday.
The Joint Declaration was formally exchanged by Andrew McDowell and India at the 14th India – European Union summit. The ceremony was attended by Prime Minister Narendra Modi, European Council President Donald Tusk and European Commission President Jean-Claude Juncker among others.

The ISA is a global grouping of 121 countries and financial institutions established to harness solar energy. It was jointly launched by Prime Minister Narendra Modi and French President Hollande at the COP 21 Paris climate conference.