The European Investment Bank (EIB) has agreed a new partnership with the International Solar Alliance (ISA) to mobilize financing for the development and deployment of affordable solar energy in ISA member countries.
The investment bank has also confirmed that it plans a record $940 million support for small scale renewable energy projects across India, which the bank had already signed and approved in 2017, representing the EIB’s largest ever support for energy investment in Asia.
This includes renewable energy financing in partnership with the Indian Renewable Energy Development Agency (IREDA) and the India Infrastructure Finance Company, which was approved earlier this year.
The Joint Declaration was formally exchanged by Andrew McDowell, EIB Vice President and India at the 14th India – European Union summit held on October 6, 2017.
The ceremony was attended by Narendra Modi, Prime Minister of India, Donald Tusk, President of the European Council, and Jean-Claude Juncker, President of the European Commission. Also present were other senior political representatives from India and the EU.
First EIB backing for Indian solar with private bank approved
The EIB said that it is currently finalizing its first $235 million credit line to provide additional financing for renewable energy projects across India in cooperation with Yes Bank. Solar schemes will comprise the majority of the deals, and the partnership is expected to be finalized in the coming months.
The EIB is one of the world’s largest financiers of climate action and over the last five years has provided more than $24 billion for renewable energy investment worldwide, including $3 billion in PV and CSP projects.