EU bank confirms €800m for Indian solar

The European Investment Bank (EIB) has confirmed €800 million (£715.5m) of funding to support solar energy in India. The funding for India will support small scale projects across the nation. […]

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By Jonny Bairstow

The European Investment Bank (EIB) has confirmed €800 million (£715.5m) of funding to support solar energy in India.

The funding for India will support small scale projects across the nation.

The organisation has also partnered with the International Solar Alliance (ISA) to mobilise finance with the purpose of developing and deploying affordable solar energy in sunny countries lacking energy access.

Under the agreement, the EIB will work with the 121 countries and financial institutions that make up the ISA to make the most of solar resources wherever they’re available.

Andrew McDowell, EIB Vice President, said: “Global co-operation is essential to tackle climate change and closer cooperation between the ISA and the EIB will mobilise international climate finance and improve sharing of technical experience.

“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 the supply of affordable clean energy.”

India received its first ever shipment of crude oil from the US earlier this month.