The International Solar Alliance (ISA) and the European Bank for Reconstruction and Development (EBRD) signed here today the Joint Financial Partnership Declaration in presence of the Union Minister of Finance and Corporate Affairs, Arun Jaitley with an objective to deepen the cooperation in support of Renewable Energy.
ISA and EBRD have joined hands for promotion of Solar Energy. From ISA’s side, Upendra Tripathy, the Interim Director General ISA and on behalf of EBRD Nandita Parshad, Managing Director EBRD for Energy and Natural Resources signed the declaration. During the signing ceremony, Anand Kumar Secretary, Ministry of New & Renewable Energy, Government of India, Alexandre Ziegler, Ambassador of France to India and Suma Chakrabarti, EBRD President were also present.
Arun Jaitley said that India has been in the forefront of the 42 nation International Solar Alliance. Jaitley said that our energy requirements are huge and want to make optimal use of our New and Renewable Sources of energy. The Finance Minister congratulated both ISA and EBRD for partnering with an objective to deepen cooperation in support of renewable energy.
Jaitley said that ISA has taken a giant leap forward to mobilise international support for investment in Solar Sector. He added that ISA need to firm-up such financial partnership deals with more Multilateral and Bilateral Donor Agencies in order to meet its stated objectives of getting better Technology; aiding easier costing to improve affordability of Solar Energy. The Finance Minister urged both the signing parties to go in for innovation of New and Dynamic Mechanism for credit enhancement and risk mitigation in solar sector. Citing the first Financial Partnership collaboration of ISA with the World Bank, Jaitley urged that more and more multilateral and development banks should come forward and join hands with ISA in help fulfilling the objectives of massive and affordable deployment of solar among 121 ISA member countries.
ISA is working for deployment of over 1,000 GW of solar energy and mobilising more than US$ 1,000 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. Till date, the EBRD 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.