Germany promises $2.25 bn for India solar development

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Germany has offered support of more than 2 billion euros ($2.25 billion) to India for developing a clean energy corridor and developing solar projects.

Germany has set an example to the world in clean energy development. Total installed capacity in the country amounts to 39,275 MW at the end of August 2015.

In 2014, solar accounted for an estimated 6.2 to 6.9 percent of the country’s net electricity generation capacity.

The new offer from Germany in the wake of Prime Minister’s visit adds optimism in the solar energy market in India.

“I admire German leadership in clean energy and commitment to combating climate change,” Modi said after meeting with Merkel.

Modi government has set ambitious goals for the development of renewable energy in India.

In a roundtable addressing top energy CEOs and experts, Modi recently emphasized India’s commitment to realize the vision of 175 GW of clean energy by 2022.

The roundtable was attended by notable people in the industry including Ahmad Chatila, CEO SunEdison; Nikesh Arora, President and COO, Softbank; K.R. Sridhar, CEO, Bloom Energy; Jonathan Wolfson, CEO, Solazyme; John Doerr, Venture Capitalist; and Ira Ehrenpreis of DBL partners.

Rajani Baburajan

[email protected]

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