IREDA, EIB Ink 150mn-Euro Loan Agreement for Renewable Energy (Download PDF)

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Indian Renewable Energy Development Agency (IREDA) and European Investment Bank (EIB) inked a 150 million euros loan agreement, a move that will benefit over 1.1 million households with clean energy.

IREDA, EIB Ink 150mn-Euro Loan Agreement for Renewable Energy

IREDA, EIB Ink 150mn-Euro Loan Agreement for Renewable Energy

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 Rs. 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.

- Published/Last Modified on: June 22, 2018

Economy, International Relations/Organizations, Environment/Ecology

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