International Solar Alliance, EBRD sign agreement to support renewable energy

ANI | Updated: Nov 02, 2017 16:54 IST

New Delhi [India], Nov. 2 (ANI): The International Solar Alliance (ISA) and the European Bank for Reconstruction and Development (EBRD) have signed a Joint Financial Partnership Declaration with an objective to deepen the cooperation in support of renewable energy.

"Our energy requirements are huge and we want to make optimal use of our new and renewable sources of energy," said Union Finance Minister Arun Jaitley who was present when the deal was signed.

"The ISA need to firm-up such financial partnership deals with more multilateral and bilateral donor agencies in order to meet its stated objectives of getting better technology; aiding easier costing to improve the affordability of solar energy," added Jaitley.

He also urged more and more multilateral and development banks to come forward and join hands with ISA in order to help fulfil the objectives of massive and affordable deployment of solar energy among 121 ISA member countries.

Earlier, Upendra Tripathy, the Interim Director General ISA had informed that the ISA and EBRD have agreed to strengthen cooperation in pursuit of their shared goals of mobilising green energy financing.

He also stated that more such financial partnership deals shall be signed by the ISA in near future to achieve its mandate in a proper and effective manner.

"This is a very important agreement for the EBRD, which has always been eager to share its expertise with new partners and also to learn from them," said EBRD President, Suma Chakrabarti.

ISA is working for deployment of over 1000 GW of solar energy and mobilising more than USD 1000 billion into solar energy by the year 2030.

Similarly, the European Bank for Reconstruction and Development (EBRD) is keenly interested to increase its green financing portfolio to 40 percent of its annual business.

To this effect, the EBRD launched Green Economy Transition Approach in 2015. Till date, the EBRD has invested more than €4 billion directly in renewable energy, supporting projects in over 20 countries and funding more than 6.5 GW of capacity. (ANI)