India, Germany signed 125 million Euros Loan Agreement to fund two projects under Green Energy Corridor
Green Energy Corridor programme is aimed at synchronising electricity produced from renewable sources, such as solar and wind, with conventional power stations in the grid.
Government of India and Federal Republic of Germany (KFW) on 5 October 2015 signed two loan agreements worth 125 million Euros for financing two projects under the Green Energy Corridor programme. These two projects are in Himachal Pradesh and Andhra Pradesh.
Germany will fund 57 million Euros for projects in Himachal Pradesh and 68 million Euros for Andhra Pradesh.
What is Green Energy Corridor programme?
Green Energy Corridor programme seeks to facilitate the flow of renewable energy into the national grid. In other words, it is aimed at synchronising electricity produced from renewable sources, such as solar and wind, with conventional power stations in the grid.
This comprehensive transmission plan was prepared by POWERGRID Corporation of India Limited in 2012 and it entails a total cost of 43000 crore rupees.
In April 2013 during the second Indo-German Government Consultations in Berlin, Germany committed developmental and technical assistance of 1 billion euro for the project.
Renewable Energy is one of the key areas of India-German partnership. It was mentioned in the Joint Statement of Hannover in April 2015.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App