New Delhi : Giving a thrust to clean energy, Germany pledged about one billion euros (Rs 7,300 crore) assistance for India’s solar projects as part of the bilateral cooperation in energy sector. The implementation of Green Energy Corridors Partnership, with an overall German commitment of 1.15 billion euros in the last two years, is progressing well, the joint statement issued after the meeting of Prime Minister Narendra Modi and German Chancellor Angela Merkel said. “Both countries welcomed the MoU on an Indo-German solar energy partnership based on concessional loans in the range of one billion euros over the next 5 years,” the statement said.
India and Germany recognise that renewable energy and the efficient use of energy are most effective approaches to mitigate greenhouse gas emissions in both the countries, it added. It further said that Germany welcomes India’s intention to transform its energy sector by increasing the share of renewable energy, particularly solar, in electricity generation, consistent with its goal of 175 gigawatts of renewable energy by 2022.
The Green Energy Corridor project aims at building transmission infrastructure for evacuation of power generated by renewable energy projects.
India and Germany signed 16 MOUs on Monday, including one on cooperation in solar energy.