Energy sector projects by The Indian Renewable Energy Development Agency in
Project Information
5751
The Indian Renewable Energy Development Agency
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<p class="MsoNormal" style="margin-bottom:12.0pt;background:white"><span style="font-size:13.0pt;line-height:115%;font-family:"Corbel","sans-serif"">The
European Investment Bank (EIB) is providing a long-term loan of EUR 200 million
to the Indian Renewable Energy Development Agency (IREDA) to help finance
renewable energy projects and promote energy efficiency in the country.</span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt;line-height:normal;background:
white"><span style="font-size:13.0pt;font-family:"Corbel","sans-serif"">EIB
Vice-President Magdalena Álvarez Arza says, “The framework loan will make
long-term loans available to support renewable energy and energy efficiency
projects in India, a priority for the Bank’s lending activity.” She also
applauded, “the excellent cooperation with IREDA in this operation.”</span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt;line-height:normal;background:
white"><span style="font-size:13.0pt;font-family:"Corbel","sans-serif"">The European
Union’s Ambassador to India, Dr João Cravinho, believes the agreement
“significantly strengthens an important dimension of our relationship with
India, and it opens up new perspectives for cooperation between the EU and
India in a sector that is of great interest for both. The private sector is the
global engine of growth and the primary source of new investments and the EU is
committed to encouraging such investments in India.”</span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt;line-height:normal;background:
white"><span style="font-size:13.0pt;font-family:"Corbel","sans-serif"">According
to the EIB, the proposed framework loan “will be a multi-investment scheme that
will bring economic benefits to the region through the production of energy
from renewable sources and will contribute to the reduction of greenhouse gas
emissions and other airborne pollutants. The project schemes will be identified
and presented by IREDA.”</span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt;line-height:normal;background:
white"><span style="font-size:13.0pt;font-family:"Corbel","sans-serif"">The EIB
loan will enable IREDA to extend longer-term loans, which will give the
financial structure of the renewable energy and energy efficiency projects a
significant boost. The loan will be reimbursed in several installments over the
next 20 years and the EIB finance will cover up to half of the total project
cost.</span></p>
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mso-fareast-language:EN-US;mso-bidi-language:AR-SA">This loan is being provided
under the EUR 4.5 billion Energy Sustainability and Security of Supply Facility</span><!--[if gte mso 9]><xml>
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Project Value
INR 1705 Crore /-
Financial Closure Achieved
Multi State
India
Energy
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