European Investment Bank To Finance Energy Efficient Projects In India

European Investment Bank To Finance Energy Efficient Projects In India

According to the International Energy Agency (IEA), India will be the fastest growing energy consumer and market by 2040, resulting in the need for increased use of renewable energy. The country has positioned itself distinctively with its target of achieving enough renewable energy projects over the next three years to surpass 200 gigawatts (GW) of green capacity.

India is looking at financial gains through foreign investments, which are crucial for the country’s renewable energy market as it is the lower cost of foreign capital and size of the market that has helped the country bring down tariffs for green energy.

One such agreement between European Investment Bank (EIB) and Indian Renewable Energy Development Agency (IREDA) Ltd., was signed yesterday. The loan agreement for the second line of credit (LoC) of EUR 150 million on non-sovereign basis will be used for financing renewable energy and energy efficient projects in India that will benefit over 1.1 million households with clean energy.

Speaking about India’s fascinating journey to electrify every single village, R K Singh, Union Minister of State (IC) Power and New & Renewable Energy said, “There are villages in Ladakh and Arunachal Pradesh where you track on foot for three to four days to reach. Our aim is to bring electricity to even these remote places. We have decided to go green, as we have a responsibility to future generations and the planet.” Read More…

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