IREDA, EIB Ink 150mn-Euro Loan Agreement for Renewable Energy
IREDA, has signed the loan agreement for a second line of credit (LoC) on non-sovereign basis.
The line of credit is for tenure of 15 years, including a grace period of three years and will be used for financing renewable energy and energy efficiency projects in India.
EIB is the long-term lending institution of the European Union owned by its member states.
EIB
EIB is long-term lending institution of European Union owned by its member states.
It is also engaged in multilateral financing and works closely with other EU institutions to implement EU policy.
More than 90% of its activity is in Europe but it is also big investor globally.
EIB՚s activities focus on four priority areas including
innovation and skills
access to finance for infrastructure
smaller businesses
climate & environment.
Indian Renewable Energy Development Agency (IREDA)
IREDA is dedicated financing arm of Ministry of New and Renewable Energy for financing renewable and energy efficiency projects.
It has been spearheading growth of renewable energy in country for over three decades.
To meet financing requirement, it has been raising resources from various bilateral and multilateral agencies, Masala bonds and domestic - taxable and tax-free bonds.
It has financed renewable and energy efficiency projects of financial value of over ₹ 34,534 crore till date
Objective of IREDA
To give financial support to specific projects and schemes for generating electricity and⟋or energy through new and renewable sources and conserving energy through energy efficiency.
To strive to be competitive institution through customer satisfaction.
To maintain its position as a leading organization to provide efficient and effective financing in renewable energy and energy efficiency⟋conservation projects.
Improvement in the efficiency of services provided to customers through continual improvement of systems, processes, and resources.