Germany has pledged about one billion Euros ( 7,300 crore rupees) assistance for India's solar projects as part of the bilateral cooperation in energy sector. The joint statement issued after the meeting of Prime Minister Narendra Modi and German Chancellor Angela Merkel said both the countries will continue to intensify their cooperation in developing climate-friendly and sustainable solutions for India's expanding energy needs.<br/><br/> Besides, both sides welcomed the MoU on an Indo-German solar energy partnership based on concessional loans in the range of one billion euros over the next 5 years. India and Germany recognise that renewable energy and the efficient use of energy are most effective approaches to mitigate greenhouse gas emissions in both the countries.