Europe backs solar alliance
EIB partners with ISA to mobilise finance for PV projects worldwide
The European Investment Bank (EIB) is to partner with the International Solar Alliance (ISA) to mobilise finance for photovoltaic projects worldwide.
Under the terms of the agreement, EIB will work with the ISA on financing for development and deployment of solar energy in the alliance’s member countries.
The ISA is a global grouping of 121 countries and financial institutions established to harness solar energy.
It was jointly launched by Indian Prime Minister Narendra Modi and former French President François Hollande at the COP 21 Paris climate conference.
EIB vice president Andrew McDowell said: “Global cooperation is essential to tackle climate change and closer cooperation between the International Solar Alliance and the European Investment Bank will mobilise international climate finance and improve sharing of technical experience.”
The EIB has also confirmed €800m backing for small-scale renewable energy in India.
The deal had already been signed and approved in 2017 and includes renewable energy financing in partnership with the Indian Renewable Energy Development Agency and the India Infrastructure Finance Company.