Germany offers India $1.13 billion for renewable energy grid

• 8 years ago (2015-10-08)

Europe 1061 Renewables 752

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The loan complements the $1.13 billion KfW loan announced last year, where the KfW signed loan agreements worth $565 million with the Power Grid Corporation of India for construction of new power lines. Additionally, contracts worth $141 million were signed for the expansion of transmission lines in the states of Rajasthan and Tamil Nadu, both of which have considerable installed renewable capacity as well as future potential.

The green energy corridors project has already been launched by the Power Grid Corporation of India. Currently, a transmission project in Andhra Pradesh has been allocated, while the tendering process has begun in Madhya Pradesh and Karnataka.

The project itself is seen to be vital in making the planned 25 large-scale solar projects successful. These projects would have a cumulative capacity of 20 GW, making them some of the largest power projects in the country across both conventional and renewable energy technologies.

Narenda Modi, Indian Prime Minister, said: “I place great value on Germany’s assistance of over €1 billion for India’s green energy corridor and a new assistance package of over €1 bullion for solar projects in India. We also intend to deepen research cooperation in clean and renewable energy, and energy efficiency.”