Germany will provide loans worth 125 million euro (about Rs 915 crore) for financing two green energy projects in Himachal Pradesh and Andhra Pradesh.
“Government of India and KFW (Federal Republic of Germany) on Monday signed two loan agreements worth Euro 125 Millions for financing two projects under the Green Energy Projects programme,” a finance ministry statement said.
Of the total, 57 million euro loan would be extended to Himachal Pradesh and 68 million euro to Andhra Pradesh.
Loan agreements were signed by S Selvakumar, Joint Secretary in Ministry of Finance and Roland Sillar, Member, KFW Board Management.
Renewable Energy is one of the key areas of IndoGerman partnership and with financing of the transmission infrastructure of renewable energy projects, the central and state grids will be strengthened to evacuate more green energy, it said.
“With the Green Energy Corridors, the intrastate network will feed the renewable energy to the respective state grids and the high capacity transmission corridors and interstate network will connect major renewable energy pockets with the national grid,” the statement added.