Germany offers euro 1 bn concessional loan for India's solar sector

Fri, 2015-10-09 11:37 -- SCC India Staff

Germany has pledged to provide one billion euros as aid to India's solar projects, as the two countries decided to forge a renewable alliance to boost cooperation in the sector.

A agreement to the effect was signed between the two countries, during the recent German Chancellor Angela Merkel's visit to India.

The joint statement issued after the meeting of Prime Minister Narendra Modi and German Chancellor Angela Merkel said both the countries will continue to intensify their cooperation in developing climate-friendly and sustainable solutions for India's expanding energy needs.
"Both countries welcomed the MoU on an Indo-German solar energy partnership based on concessional loans in the range of one billion euros over the next 5 years," the statement said.

The implementation of Green Energy Corridors Partnership, with an overall German commitment of 1.15 billion euros in the last two years, is progressing well, the release said.

"Prime Minister Narendra Modi and Federal Chancellor Merkel have therefore decided to forge an Indo-German Climate and Renewable Alliance, a comprehensive partnership to harness technology, innovation and finance in order to make affordable, clean and renewable energy accessible to all and to foster climate change mitigation efforts in both countries," the release added.

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