Agreement signed between India and Germany for Financial Cooperation to Support “Green Energy Corridors” Project

On 17 December 2014, Note of Exchange was signed between India and Germany for financial cooperation to support “Green Energy Corridors” project under Indo-German bilateral Development Cooperation. The aim of the project is to create transmission infrastructure in the renewable energy potential rich states and facilitate evacuation of renewable energy into the national grid. The Government of Germany has committed funds amounting to total Euro 750 million for GEC project. Three separate loan agreements were signed for GEC project amounting to Euro 625 million. Agreement was signed for loan of Euro 76 million to the Government of Tamil Nadu, a loan of Euro 49 million to Government of Rajasthan, and a loan of Euro 500 million to the Power Grid Corporation of India Limited for inter-state transmission schemes. Agreements were also signed for a grant amount of Euro 2 million to provide technical assistance to “Himachal Pradesh Forest Ecosystems Climate Proofing project” and also for a grant amount of Euro 2 million for extending technical assistance for the ongoing “Tamil Nadu Urban Infrastructure Development Fund project”.

Since 1950’s, Germany and German Government’s Development Bank KfW have supported sectors like Energy, Protection of the Environment and Natural Resources and Sustainable Economic Development etc.

 

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