India Extends $1.4 Billion Line Of Credit To Support 27 Solar Energy Projects In 15 Countries

Prime Minister Narendra Modi at the founding conference of the International Solar Alliance.  (MEA/Twitter)

At the founding conference of the International Solar Alliance on Sunday, India announced one of the world’s largest investment plans in solar energy.

India will extend $1.4 billion line of credit to countries in the alliance. This line of credit will support around 27 projects in 15 countries. At least 23 out of these 27 projects for which India has offered financial assistance are in African countries.

The conference was co-chaired by Prime Minister Narendra Modi and French President Emmanuel Macron. France will provide €700 million in loans and support by 2022 to emerging economies for solar energy projects. France’s total monetary contribution to the alliance stands at one billion euros, President Macron has said.

At least 23 heads of states and governments from all over the world attended the conference. Launched by Indian Prime Minister Modi in 2015, the alliance aims to promote solar energy in 121 countries.

Prime Minister Narendra Modi President Macron will jointly inaugurate a solar plant in Mirzapur district of Uttar Pradesh today. Prime Minister Modi will receive the French President, who will arrive in Varanasi today morning.

Both the leaders will fly by helicopter to Mirzapur to jointly inaugurate the 75-megawatt solar plant and will return to Varanasi. The two leaders are also scheduled to go on a boat ride from Assi ghat to Dashashwamedh ghat, after which Prime Minister Modi will host a dinner for the French President.