AFD to provide EURO 100 million Line of credit to IREDA

The Agence Francaise de Developpement (AFD or French Development Agency) is extending a Line of Credit (LoC) of Euro 100 million to M/s Indian Renewable Energy Development Agency Ltd. (IREDA) to be utilized for financing Renewable Energy and Energy Efficiency projects in India. The said Line of Credit is being extended for a tenure of 15 years and without any guarantee from Government of India.

Developing renewable energy sources helps address environmental concerns and also improves energy security and spurs regional economic development. The agreement signed today will help in supporting the Government of India’s focus on a low carbon growth strategy for power generation in India.

What is IREDA?
IREDA is a dedicated financing institution for financing RE projects under the aegis of Ministry of New and Renewable Energy (MNRE). It has till date disbursed more than Rs 14,550 crores for RE projects and has total loan portfolio of over Rs. 8200 crores. IREDA has been raising resources from various bilateral / multilateral agencies as also from domestic sources through both taxable and tax-free bonds for providing long term finance on competitive terms and conditions.

Source : www.pib.nic.in

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