European Investment Bank to sign loan for large and small clean energy projects in India

ANI | Updated: Mar 08, 2018 19:31 IST

New Delhi [India], Mar.8 (ANI-NewsVoir): Werner Hoyer, the President of the European Investment Bank, that is the public bank of the European Union, will be participating in the first summit of the International Solar Alliance (ISA) in Delhi on December 11.

In parallel on March 10, President Hoyer will be signing a new loan for large and small clean energy projects all over India.

This is part of a EUR 800m EIB investment in renewables in India, most of which will be solar, announced last year.

This is the initiative from PM Modi and President Macron to spread solar and provide affordable energy to the 121 countries in the ISA by improving financing, sharing technology and crowding in the private sector.

The EIB is the world's biggest financier of climate action and clean energy projects - In 2017 the EIB financed EUR 19.6bn of climate action projects .About 28 percent of its total financing.

Last year the EIB signed a partnership with the International Solar Alliance aimed at supporting the initiative with EIB financing and expertise - in particular the experience of crowding in the private sector.

Werner Hoyer is in Delhi at the summit on March 11 to lay out how that support can work and pledge the EU Bank's commitment.

In parallel on March 10, in the presence of President Hoyer, the EIB will be signing a new loan for large and small clean energy projects all over India. This is part of a EUR 800m EIB investment in renewables in India, most of which will be solar, announced last year.

On March 9, an all women roundtable of Delhi-based gender campaigners, environmentalists and finance experts will join the head of the EIB's Global Partners Division - Maria Shaw Barragan for online live debate in Delhi with a live audience to debate how to Make Climate Action Count.

EU Bank support for solar energy:

- Around 6.35 billion euros for solar projects around the world since 2002, in the last seven years half of this has been countries outside the EU (in developing and emerging economies.)

- 640 million euros of EIB investment in solar investment has been approved for in India. These solar projects will be providing nearly four million households with around 4,000 gigawatt hours of clean and affordable energy, saving nearly 4 million tonnes of harmful CO2.

Last year 800 million euros was announced by EIB for signed and approved renewable energy projects in India - a record renewables loan for Asia. (ANI-NewsVoir)

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