EIB Provided $1.3 Billion For Solar Projects In 2017
European Investment Bank (EIB), has revealed that in 2017 the bank provided â‚¬1.05 billion of new financing for solar energy projects around the world. India was the leading recipient of EIB financing for solar investment outside the European Union, both in 2017 and overall since 2013. The EIB has approved a total of â‚¬640 million of new investment in solar projects in India which is set to provide clean energy to an estimated 4.2 million households and save more than 4 million tons of carbon emissions.
The bank also announced â‚¬150 million EIB credit line that will support â‚¬500 million of renewable investment and support construction of both new solar PV projects and on-shore wind projects at sites across the country. Hundreds of new jobs will be created during construction and once operational the new programs are expected to produce 1,156 GWh of clean electricity when operating at maximum capacity.
"Electricity demand in India is expected to double in the next decade and how this electricity is generated is important for both India and this planet. The new support for renewable energy investment across India will benefit from the European Investment Bank unique technical and financial experience. This new initiative with IREDA demonstrates how European engagement in India will benefit millions of people," said Tomasz Kozlowski, Ambassador of the European Union to India.