The European Investment Bank announced last week that in 2017 it provided €1.05 billion worth of new financing for solar energy around the world, which represents the largest ever annual support for solar by the Bank, with India as the leading recipient for solar financing.
Since 2002 the European Investment Bank (EIB) has financed more than €6.35 billion worth of new solar energy investment, which means that in 2017 alone the Bank’s solar financing accounted for 16.5% of its total solar energy investments. Additionally, over the last 7 years, 50% of the EIB’s solar investment was located in developing and emerging economies, financing projects in Africa in Morocco, South Africa, and Burkina Faso; across Latin America in Nicaragua and Peru; in Asia in India and Vietnam; and Turkey and Israel.
“Solar power is providing clean energy for millions of people around the world and solar energy now represents the single largest source of new power generation,” said Werner Hoyer, President of the European Investment Bank. “The fate of this planet depends on continuing to expand the use of renewable energy to support sustainable economic growth. This can be achieved through improved access to energy alongside scaling up a viable alternative to fossil fuels. The European Investment Bank – the EU bank – welcomes the vision of the International Solar Alliance to ensure those countries most vulnerable to climate change can harness the proven potential of solar power.”
The largest recipient of EIB solar financing, however, was India, both in 2017 specifically and since 2013 overall. Specifically, since 2013, the EIB has committed €640 million worth of new solar investments to projects in India, which upon completion will provide approximately 4.2 million households with clean electricity and save more than 4 million tonnes of carbon emissions.
The EIB, in attending this week’s International Solar Alliance summit, will also announce an additional commitment of €500 million in new support for renewable energy projects across India in partnership with the Indian Renewable Energy Development Agency (IREDA).
“The European Union and India are committed to implementing the Paris Climate agreement and working together to achieve Sustainable Development Goals, including ensuring access to affordable, reliable, sustainable and modern energy for all,” explained H.E. Mr. Tomasz Kozlowski, Ambassador of the European Union. “As the European Union’s bank, the EIB has a strong track record of supporting transformational investment in India and working with Indian partners to enhance solar investment across this country to benefit millions of Indian households.”