On Friday 10th March 2017, Selva Kumar, the Joint Secretary Department of Economic Affairs together with Saurabh Kumar, Dr Norbert Kloppenburg and Roland Siller signed a mutual agreement which states that Germany will loan India 200 million euros to be invested towards better energy efficiency. The German Development Bank signed this agreement with India’s Energy Efficiency Services Limited on the behalf of the Federal Ministry for Economic Cooperation and Development.
Germany loaned this significant amount to India to support India’s energy efficiency project that will cost the significant amount of 600 million euros.
Apart from the 200 million euros loaned, Germany also funded India another 500,000 euros over a signed agreement with India’s Renewable Energy Development Agency. These funds will be put towards the assurance of quality solar PV projects. Furthermore, this sum also has to implement structure in order to support the project to enhance the situation with solar rooftop PV projects.