India’s RE, Infrastructure finance agencies to fund renewable projects

The funding will be through co-lending and loan syndication.

The Indian Renewable Energy Development Agency (IREDA) and the India Infrastructure Finance Company Ltd (IIFCL)entered into a memorandum of understanding for co-lending/co-origination and loan syndication for renewable energy projects.

In a statement, the Ministry of New and Renewable Energy said the two parties also aim to fix the interest rates for IREA borrowing for three to four years, whilst IIFCL may invest in IREDA-issued bonds.

ALSO READ: India could install record-high 4 GW rooftop solar in 2024

"We are pleased to partner with IIFCL and offer our techno-financial expertise to IIFCL for the development of Renewable Energy sector. With this collaboration, we will be able to support Govt. of India’s target of achieving 50% share of our energy from non-fossil fuels by the year 2030,” said IREDA Chairman & Managing Director Shri Pradip Kumar Das.

“We remain confident that by working together, we will leverage our strengths and continue to serve our customers in line with Prime Minister Shri Narendra Modi's vision of Aatmanirbhar Bharat and a clean and green India,” he added.

The MOU was signed by Das and IIFCL Shri P R Jaishankar.

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

First Gen acquires 165 MW hydropower plant
The acquisition includes the switchyard, administration complex, guest house and roads.
IPP
SECI launches India’s largest solar-battery hybrid project
The power generated from the project will be supplied to the state of Chhattisgarh.
Project

Exclusives

Summit Power International provides vital LNG support to Bangladesh
Without cross-border electricity supply, LNG is needed by a country facing geographical constraints to deploy renewables.
PLN focuses digital processes on equitable electricity distribution
State-run firm’s president succeeded in electrifying 76,900 villages and sub-districts throughout Indonesia.
VOX POP: How can vehicle-to-grid technologies boost energy transition?
Vehicle-to-grid (V2G) technology is seen as a groundbreaking innovation towards the resilience of the power grid and the improvement of robust energy transition.