European Investment Bank partners with ISA & Commits EUR 800 mn for Indian renewable energy

The European Investment Bank (EIB) today agreed a new partnershipwith the International Solar Alliance to mobilise finance to develop and deployaffordable solar energy in solar rich countries. The EIB also confirmed plansto provide a record EUR 800m for renewable energy investment across India, in apress release today.

TheJoint Declaration was formally exchanged by Andrew McDowell, EIB Vice Presidentand India at the 14^th India – EuropeanUnion summit. The ceremony was attended by Narendra Modi, Prime Minister ofIndia, Donald Tusk, President of the European Council and Jean-Claude Juncker,President of the European Commission, and other senior politicalrepresentatives from India and the European Union.

“Globalcooperation is essential to tackle climate change and closer cooperationbetween the International Solar Alliance and the European Investment Bank willmobilise international climate finance and improve sharing of technicalexperience. This new agreement reflects our shared commitment to successfulimplementation of the Paris Climate Agreement and ensuring that solar richeconomies can harness solar power to increase the supply of affordable cleanenergy.” said McDowell, European Investment Bank Vice President.