European Investment Bank to sign loan for large and small clean-energy projects in India

Werner Hoyer, President, European Investment Bank (EIB) which is the public bank of the European Union (EU), will be participating in the first summit of the International Solar Alliance (ISA). President Hoyer will also be signing a new loan for large and small clean-energy projects all over India. This is part of a EUR 800m EIB investment in renewables in India – most of which will be solar - announced last year. The initiative from Prime Minister Narendra Modi and President Macron to spread solar and provide affordable energy to the 121 countries in the ISA by improving financing, sharing technology and crowding in the private sector. The EIB is the world’s biggest financier of climate action and clean energy projects – In 2017 the EIB financed EUR 19.6 billion of climate action projects. About 28% of its total financing. Last year, the EIB signed a partnership with the International Solar Alliance aimed at supporting the initiative with EIB financing and expertise – in particular the experience of crowding in the private sector.