The European Investment Bank (EIB) provided €1.05bn in new funding for global solar projects in 2017, the most finance it has provided in one year for the sector.

India received most of the money, with a total of €640m going to new photovoltaic investments in the Asian country.

Mexico and Peru were also recipients in 2017, as well as 13 EU countries, EIB said.

EIB president Werner Hoyer said: “Solar power is providing clean energy for millions of people around the world and solar energy now represents the single largest source of new power generation.” 

Hoyer is leading a bank delegation to an International Solar Alliance summit in New Delhi, where EIB is expected to confirm €500m in new renewables investment for India in partnership with the Indian Renewable Energy Development Agency.

The alliance is a global grouping of countries and financial institutions established to harness solar energy.

Image: European Investment Bank