EIB Allies ISA to Assist Solar Advances in India

Significantly, ISA plans to raise $1 trillion by 2030 from public and private investors to invest in such solar projects.

India has got another push in its bid to attain target of installed 100 GW of solar power by the year 2022 with European Investment Bank (EIB) planning to partner with the International Solar Alliance (ISA) in order to bring ISA’s expertize and financial aids to support expand India’s solar development.

The EIB-ISA partnership would also aim at other regions where solar power is one of the most abundant renewable energy sources but where technologies, funding and expertise are often lacking.

Significantly, ISA plans to raise $1 trillion by 2030 from public and private investors to invest in such solar projects.

Further, EIB, while attending the One Planet Summit, talked of major breakthroughs in tackling climate change globally.

Announcing progress on initiatives hailed as “transformative” that will deliver on the ambitious Paris Agreement to tackle climate change, EIB, President, Werner Hoyer mentioned the need to bridge urban financing gap with Global Urbis, launch the Land Degradation Neutrality Fund and expand solar energy through the International Solar Alliance.

Remarkably, in 2017, the EIB provided EUR 1.05 billion of new financing for solar energy projects around the world, representing the largest ever annual support by the EIB to the solar sector, and is currently finalizing a new EUR 200 million credit line to provide additional financing for renewable energy projects across India.

Source: IANS