Solar energy on the rise: KfW supports Indo-German solar energy partnership

• Additional EUR 150 million for the expansion and conversion of India’s power supply to solar energy
• Promotion of cutting-edge technologies
• Over 600,000MWh electricity produced annually by larger solar farms with outputs between 50 and 250MW
• Reduction of the increase in greenhouse gas emissions by around 500,000 tonnes of CO2 per year

On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW signed a loan agreement with the State Bank of India (SBI) today for a second low-interest loan amounting to EUR 150 million. The first loan of EUR 150 million was granted in 2017 for the financing of larger solar farms with an output of between 50 and 250 megawatts and the infrastructure for connecting them to the electricity grid. Innovative technologies, such as automated dry cleaning of the solar modules, which significantly reduces water consumption, are promoted in particular.

“We are helping the Indian government to meet the increasing demand for energy with environmentally sustainable means that include tapping into renewable sources of energy and steering India’s power supply towards greater use of solar energy. In this way, household and commercial electricity consumers benefit from environmentally and climate-friendly electricity generation,” said Christiane Laibach, Member of the Executive Board of KfW Group.

The plants promoted in components one and two will produce a total of over 600,000MWh annually. In addition, the measures will achieve an annual reduction of the increase in greenhouse gas emissions by 500,000 tonnes of CO2.

Information about KfW Development Bank is available at:
www.kfw-entwicklungsbank.de