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Germany plans to offer around EUR1 billion (US$1.12 billion) in concessional loans for Indian solar projects over the next five years as part of an Indo-German Solar Energy Partnership, signed in a memorandum of understanding.

Germany has already committed EUR1.15 billion over the last two years to India’s implementation of its Green Energy Corridor plans, which aims to transport energy from states that are rich in renewable resources to states with high consumption of power such as Maharashtra and Delhi.

On German Chancellor Angela Merkel's opening day of her visit to India to meet Indian prime minister Narendra Modi, the two countries formed an ‘Indo-German Climate and Renewables Alliance’ to cooperate in developing climate-friendly and sustainable solutions for India's expanding energy needs.

Germany welcomed India’s target of 175GW of renewable energy by 2022 and recently pledged to have 40% of its energy mix coming from alternative energy sources by 2030. Meanwhile India welcomed Germany’s commitment to reaching 80% of its electricity consumption coming from renewables by 2050, up from 27% today.

In a speech, Modi added: “We also intend to deepen research cooperation in clean and renewable energy, and energy efficiency."

The Indian Government recently revealed a breakdown of its progress to wards its 100GW solar by 2022 target, while Modi put particular emphasis on the importance of developing mega solar parks of more than 500MW capacity each.