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.
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When: 2 December 2015