Financial boost for solar industry

The European Investment Bank (EIB) is teaming up with a global alliance of solar energy rich nations to accelerate the development of renewables projects.

More than 121 countries comprise the International Solar Alliance, which will now work with the EIB to generate greater investment in solar power. The EIB has also confirmed it will provide €800 million to support India’s clean energy ambitions. India wants to increase the country’s share of green energy to 40% by 2030, up from 15% today.

“Closer cooperation between the European Investment Bank and the International Solar Alliance demonstrates the shared commitment of Europe and India to tackle climate change. Solar power has huge potential to provide affordable and clean energy in solar rich countries. Working with international financial institutions is crucial to mobilize climate finance and share technical expertise. The EIB’s unique experience of successfully supporting renewable energy expansion around the world will enhance the efforts of the ISA in the years ahead.” said H.E. Upendra Tripathy, Interim Director General of the International Solar Alliance.

The EIB is an important financial vehicle for the renewable energy industry – having spent more than €21 million in the past five years in this area.