In a meeting between the two leaders PM Narendra Modi and German Chancellor Angela Merkel, Germany pledged an investment of over 1 billion euros ($1.1 billion) in Indian solar power projects.
This is a giant step towards clean energy collaboration with the creation of long-term ‘Climate and Renewable Alliance ‘
The European country, which leads in renewable energy, will invest €1 billion (around Rs.7,300 crore today) to help India’s green energy corridor project and another €1 billion to develop solar projects. These were part of 18 pacts signed between the two nations.
The green energy corridor will facilitate transmission of renewable energy from points of generation to load centres, helping in transmission of clean energy from the states which are rich in renewable energy to those which have high electricity demand.