India and Germany Comes Closer for Green Energy Corridors

India and Germany signed an implementation agreement worth Rs 52.5 crore under the Indo-German Energy Programme for the green energy corridors project in India.

The agreement, signed here in the presence of Union New and Renewable Energy Minister Piyush Goyal and German Ambassador Martin Ney, is to advance the market mechanisms for renewable energy, as well as for training by German experts in the areas of rooftop solar and energy efficiency, officials said.

For the funding of green energy corridors in both intra- and inter-state transmission projects, KfW Germany is providing a soft loan of Euro 1 billion to India.

"We are implementing the first phase of the green energy corridors, under which 9,400 km of green circuit corridors are being implemented," Goyal said at the signing ceremony.

"Phase II of the project is going to be taken up later this year," he said.

The minister said that to transfer power from renewable energy rich states, the Centre is setting up Renewable Energy Management Centres that would help in better grid management.