Over the last two years, Germany has committed EUR 1.15 billion as part of its Green Energy Corridors partnership with India
October 6, 2015
Germany has pledged to lend some EUR 1 billion (USD 1.12bn) to India for the development of solar power projects in the Asian country over the next five years.
A statement released on October 5 after German chancellor Angela Merkel met with India’s prime minister Narendra Modi says that the move will be part of a new Indo-German Solar Energy Partnership for which a memorandum of understanding (MoU) was signed.
The two countries have also created an Indo-German Climate and Renewable Alliance under which they will beef up their ongoing cooperation in the areas of next-generation solar technology, renewable energy storage and offshore wind, among other. Over the last two years, Germany has committed EUR 1.15 billion as part of its Green Energy Corridors partnership with India.
India aims at reaching a total installed renewable energy generation capacity of 175 GW by 2022, including 100 GW of solar power. Just recently the country filed its climate action plan to the UN Framework Convention on Climate Change (UNFCCC) ahead of the December conference in Paris where governments will be looking to reach a new universal climate change agreement.
At the same time, Germany has set an objective to have at least 80 percent of its electricity demand met with renewables by 2050. This compares to a 27 percent at present.
