EIB signs partnership pact with Solar Alliance

The European Investment Bank today inked a partnership agreement with International Solar Alliance for an 800 million euro financial aid to support India's clean energy project.

The partnership between the two bodies will mobilise finance to develop affordable solar energy in countries that get ample sunlight.

"The European Investment Bank (EIB) also confirmed plans to provide a record EUR 800 million for renewable energy investment across India," EIB said in a statement issued here today.

The solar energy joint declaration was exchanged between Andrew McDowell, EIB Vice President and India government at the 14th India European Union summit in the presence of Prime Minister Narendra Modi, European Council President Donald Tusk and European Commission President Jean-Claude Juncker.

"This new agreement reflects our shared commitment to successful implementation of the Paris Climate Agreement and ensuring that solar rich economies can harness solar power to increase supply of affordable clean energy," said McDowell.

EIB is one of the world's largest lenders for renewables energy as well the world's largest international public bank.

In its cooperation with International Solar Alliance (ISA), EIB will mobilise financing for development and deployment of affordable solar energy in ISA member countries.

"Solar power has huge potential to provide affordable and clean energy in solar rich countries. EIB's unique experience of successfully supporting renewable energy expansion around the world will enhance efforts of ISA in years ahead," Upendra Tripathy, Interim Director General, ISA said.

ISA is a global grouping of 121 countries and financial institutions established to harness solar energy.

The body was jointly launched by Prime Minister Narendra Modi and French President Hollande at the COP 21 Paris climate conference in 2015.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)