European Investment Bank (EIB) will reveal EUR 500 million of new renewable energy investment across India in partnership with the Indian Renewable Energy Development Agency (IREDA).
EIB is aiming to increasing support for climate related investment, including renewable energy, in developing and emerging economies to represent 35 percent of overall financing activity.
“More than a trillion dollars of new solar investment will be required by 2030 to deploy affordable solar energy,” said Upendra Tripathy, interim director general of the International Solar Alliance.
During the International Solar Alliance summit in Delhi EIB will outline the key role of solar energy investment across a range of technologies to reduce carbon emissions and increase access to clean energy.
New EIB financing for solar investment in 2017 included backing for new projects in India, Mexico and Peru, as well as 13 European Union countries.
Since 2002 EIB has financed more than EUR 6.35 billion of new solar energy investment and 50 percent of solar investment financed by the EIB in the last 7 years is located in developing and emerging economies.
EIB provided EUR 1.05 billion of new financing in 2017 for solar energy projects around the world.
India was the leading recipient of EIB financing for solar investment outside the European Union, both in 2017 and overall since 2013.
EIB has approved a total of EUR 640 million of new investment in solar projects in India set to provide clean energy to an estimated 4.2 million households and save more than 4 million tons of carbon emissions.
“The European Union and India are committed to implementing the Paris Climate agreement and working together to achieve Sustainable Development Goals, including ensuring access to affordable, reliable, sustainable and modern energy for all,” said Tomasz Kozlowski, ambassador of the European Union.
EIB has financed photovoltaic and concentrated solar power projects across Africa in Morocco, South Africa and Burkina Faso, in Latin America in Nicaragua and Peru, in Asia in India and Vietnam as well as Turkey and Israel. EIB is expected to confirm significant financing for off-grid solar projects across Africa.