The International Solar Alliance (ISA) and the European Bank for Reconstruction and Development (EBRD) signed the Joint financial partnership Declaration in the presence of Shri Arun Jaitley, Hon’ble Minister of Finance, Government of India, Sir Suma Chakrabati, President EBRD with an objective to deepen their cooperation in support of Renewable Energy. The previous two partnerships were signed by ISA with the World Bank and the European Investment Bank.
ISA is working for deployment of over 1000 GW of solar energy and mobilising more than US$ 1000 billion into solar energy by the year 2030. Similarly the European Bank for Reconstruction and Development (EBRD) is keenly interested to increase its green financing portfolio to 40% of its annual business. To this effect the EBRD launched Green Economy Transition Approach in 2015.
Under the EBRD’s US $ 500 million framework for renewable energy in Egypt, the EBRD is financing the largest solar site in Africa, near the village of Benban, in Egypt. Other recent investments have included important projects in Serbia, Mongolia, Kazakhstan, Greece and Turkey. To date, the Bank has invested more than €4 billion directly in renewable energy, supporting projects in over 20 countries and funding more than 6.5 GW of capacity.
There exists convergence between the stated objectives and activities of the ISA and EBRD. Therefore to take maximum out of this, both the organisations have joined hands as financial partners for promotion of Solar Energy. From ISA’s side His Excellency Shri Upendra Tripathy, the Interim Director General ISA and on behalf of EBRD Ms. Nandita Parshad, Managing Director EBRD for Energy and Natural Resources signed the declaration. During the signing ceremony Shri Anand Kumar Secretary, Ministry of New & Renewable Energy, Government of India, H.E. Mr Alexandre Ziegler, Ambassador of France to India and Sir Suma Chakrabarti, EBRD President were also present.
His Excellency Shri Upendra Tripathy, the Interim Director General ISA in his welcome remarks stated that the ISA and EBRD have agreed to strengthen cooperation in pursuit of their shared goals of mobilising green energy financing. The collaboration will provide an opportunity to EBRD to support solar energy investment in the least developed countries especially in Africa. This will also help funding of solar projects both in African and other countries. He also stated that more such financial partnership deals shall be signed by the ISA in near future to achieve its mandate in a proper and effective manner.
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