A new €200 million (around US$232 million) credit line is being finalized by the EIB to finance renewable energy projects across India.
Announcing progress on initiatives hailed as “transformative”, and that will deliver on the ambitious Paris Agreement to tackle climate change, Werner Hoyer said that “multilateral cooperation is the only way to achieve success in tackling climate change and sustainable development.”
The EIB is partnering with the ISA, bringing its expertise and financing to support the expansion of solar energy both in India, and other regions, where solar power is one of the most abundant renewable energy sources, but where technologies, funding and/or expertise are often lacking.
In 2017, EIB provided €1.05 billion in financing – the largest ever annual support by the bank to the solar sector. Over the last five years, the bank has provided more than €21 billion for renewable energy investment worldwide, including €2.5 billion in PV and concentrated solar power projects.
Founded in Paris in 2015, ISA is the first international body to have a secretariat in India. To date, 68 nations have become signatories to the association, of which 40 have ratified the framework agreement. Its goal is to raise $1 trillion by 2030 from public and private investors to invest in solar projects that will provide 1 TW of solar energy globally; and it has four ongoing programs, including: Scaling solar mini grids; Affordable finance at scale; Scaling solar applications for agricultural use; and Scaling solar rooftop catering to the needs of solar energy in specific areas.
The inaugural General Assembly of the ISA will be held on October 2, 2018, in New Delhi at RE Invest 2018. Watch out for coverage on this event, which pv magazine will be attending.