To boost India green energy projects

The European Investment Bank (EIB) on Saturday signed a €150 million loan agreement with the Indian Renewable Energy Development Agency (IREDA) to support renewable energy investments in India.

“India is the world’s third largest electricity consumer,” European Investment Bank president Werner Hoyer said. “The strengthened partnership between IREDA and EIB reflects the joint commitment of India and the EU to implement the Paris climate agreement.”

‘Strengthen expanssion’

“The significant new EIB support signed today will strengthen expansion of clean energy generation across India,” New and Renewable Energy Minister R.K. Singh said. “I welcome the continued cooperation between IREDA and the EIB that builds the clear success of renewable energy and energy efficiency investment over the last four years.”

The €150 million loan is meant to support €500 million worth of renewable energy investment, particularly in the construction of new photovoltaic solar power projects and onshore wind farms at designated spots across the country.