Source: Economic Times

India has signed a 625 million euro loan agreement with Germany for financial assistance to Green Energy Corridors (GEC) project under Indo-German bilateral development cooperation.

“… the loan agreements were also signed for GEC project amounting to 625 million euro,” an official statement said.

“Department of Economic Affairs Joint Secretary Rajesh Khullar signed loan agreements with German government’s Development Bank KfW for a loan of 76 million euro to Tamil Nadu and 49 million euro to Rajasthan for intra-state transmission schemes.

“Power Grid Corporation of India Limited signed loan agreement for 500 million euro with KfW for inter-state transmission schemes,” it added.

GEC project aims to create transmission infrastructure in states with high renewable energy potential and facilitate evacuation of renewable energy (RE) into the national grid.

During the ceremony, agreements were also signed by the Department of Economic Affairs with KfW for a grant amount of 2 million euro to provide technical assistance to ‘Himachal Pradesh Forest Ecosystems Climate Proofing project’, the statement said.

Germany and KfW are long-standing partners of India. Since the 1950s, sectors like energy, environment protection, natural resources and sustainable economic development have received KfW support, it added.