The European Investment Bank has agreed a €200m financing package with the State Bank of India to fund solar deployment in the country.
EIB said the deal will support a total €650m investment drive for five large-scale PV facilities, four of which have a capacity of 530MW.
Vice president Andrew McDowell said the cash would fund “world class” solar projects “that will make a significant contribution to India’s ambitious renewable energy goals”.
“Unlocking new investment in large scale solar generation is crucial to ensure that renewable energy plays a leading role in India’s energy mix in the years ahead,” he said.
“This new project reflects the shared commitment of India and the European Union to tackle climate change and implement the Paris Climate Agreement.”
Image: sxc
