On January 25, the Federation of the Indian Chambers of Commerce and Industry (FICCI) and the Terrawatt Initiative executed an unprecedented agreement for a global common market of affordable solar power. This cooperation is a significant step towards Terrawatt Initiative’s goal: to address energy access and climate change issues through investment in solar power on a massive scale.
The Federation of Indian Chambers of Commerce and Industry (FICCI), Secretary General, Didar Singh and Gérard Mestrallet, Chairman and CEO of ENGIE – founding member of Terrawatt Initiative – executed on January 25th a Memorandum of Understanding for a global common market of affordable solar power at Federation House, in Delhi. The signing of this agreement comes during the French President, François Hollande’s visit and in the presence of the Finance Minister of France, Michel Sapin.
FICCI and Terrawatt Initiative jointly acknowledged that:
“Countries have an opportunity to benefit from abundant and affordable solar power, and reap these benefits,” said Gérard Mestrallet. “We look forward to cooperating with FICCI, to facilitate the financing of solar energy projects through appropriate instruments and vehicles, as well as innovative events and communication and so promote a common market of affordable solar power at global level” he added.
To achieve this objective, FICCI and Terrawatt Initiative jointly declared their intention to cooperate on the following matters:
The agreement was later presented at the Indian Prime Minister Residency to François Hollande and Shri Narendra Modi.