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Germany commits additional Rs 3900 crore for India's Green Energy Corridors

India Blooms News Service | | 19 Dec 2014, 10:52 pm
New Delhi, Dec 19 (IBNS) To support India in developing its Green Energy Corridors, Germany committed additional funding of Euros 500 million (INR 3900 Crore) under the Indo-German Bilateral Development Cooperation.

German Ambassador Michael Steiner and Finance Secretary Rajiv Mehrishi sealed the agreement on Wednesday. The additional funding will help finance measures to facilitate the transmission of renewable energy into the national grid.

Ambassador Steiner said: “This is one of the flagship project of Indo-German cooperation - in terms of volume, but also in terms of the enthusiasm of everyone involved, the speed of implementation and its sustainability. It matches well with next year`s bilateral schedule, as India will be the official partner country of the biggest international trade fair in Hannover with its focus on ‘future-proof' technologies.”

By now, the German Government’s Development Bank (KfW) has signed three Loan Agreements initiating the implementation of this ambitious program. In 2013, Germany had already committed Euro 250 million to India under this project.

The Green Energy Corridors project aims to create transmission infrastructure in states with a high potential in renewable energy and facilitate evacuation of renewable energy into the national grid. Under the Indo-German Bilateral Development Cooperation, the Government of Germany, in 2012 offered to support the GEC project with funds amounting to Euro 1 billion (7800 crore INR) over a period of five years.