“On March 10, 2018 President Werner 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,” said the EIB in a statement, reported by the Press Trust of India.
In October last year, the bank confirmed its plan to provide financial support for renewable energy projects in India, in a partnership signed with the International Solar Alliance (ISA).
EIB president, Werner Hoyer will participate in the first ISA summit, set to be held in Delhi this Sunday, March 11.
The bank said the initiative by Prime Minister, Narendra Modi and French President, Emmanuel Macron to organize the ISA Summit will increase the spread of solar, and provide affordable energy to the 121 countries involved in the alliance, by improving financing and shared technology in the private sector.
The EIB claims it is the world’s largest financier of climate action and clean energy projects. In 2017, it financed €19.6 billion of climate action projects, which comprises around 28% of its total financing.