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Germany has agreed to provide loans to the tune of €1 billion at concessional rates to India’s solar energy sector. The loan will be disbursed over the next five years.
A Memorandum of Understanding to this effect was signed by Power, Coal and New & Renewable Energy Minister Piyush Goyal and the German Minister for Economic Cooperation and Development Gerd Müller on Monday.
“Both countries welcomed the MoU on an Indo-German Solar Energy Partnership based on concessional loans in the range of €1 billion over the next five years,” an Indo-German Joint Statement on Climate Change and Energy Technology Cooperation stated.
Prime Minister Narendra Modi and Chancellor of the Federal Republic of German Angela Merkel also decided to forge an Indo-German Climate and Renewable Alliance.
The statement said that the alliance will be a comprehensive partnership to harness technology, innovation and finance in order to make affordable, clean and renewable energy accessible to all.
The two countries agreed to enhance their ongoing cooperation in areas such as next generation solar technology, renewable energy storage, climate-friendly space cooling technologies, super-efficient appliances and buildings, zero emission passenger and freight vehicles, energy-efficient rail and water infrastructure as well as offshore wind energy.
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