Union Cabinet approved MoU between India and Germany for Solar Energy

Dec 3, 2015 10:10 IST

The Union Cabinet, chaired by the Prime Minister Narendra Modi on 2 November 2015 approved a Memorandum of Understanding (MoU) with Germany to expand bilateral development cooperation in the field of Solar Energy.

This approval will help in increasing use of solar energy in India through technical as well as financial cooperation. The MoU between the two countries was signed in October 2015.

Under the agreement, Germany would provide concessional loans in the range of one billion Euros over the next five years through Kreditanstalt fur Wiederaufbau (KfW). The funds of KfW will also be utilized for providing soft loans to the end-users through partner banks.

The MoU would lead to
• Cooperation in the field of solar rooftops.
• The development of solar parks or solar zones (if possible in close proximity to the Green Energy Corridors financed by KfW under Indo-German Financial Cooperation).
• Solar off-grid applications to improve the access to clean and sustainable energy.

India has set an ambitious target of having 100 GW solar power generation capacities by 2022 under the National Solar Mission.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Is this article important for exams ? Yes8 People Agreed

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK