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IREDA, EIB signs agreement with India for renewable energy expansion

New Delhi: Indian Renewable Energy Development Agency (IREDA) Ltd. and the European Investment Bank (EIB) and has signed a loan agreement for the second line of credit of EUR 150 million on a non-sovereign basis.

The extra credit, valid for a tenure of 15 years, will be used for financing renewable energy and energy efficiency projects in India. The15 years tenure include a grace period of three years. It is expected that more than 1.1 million households would be benefited from clean energy produced with this fund. 

The loan agreement was signed by K S Popli, Chairman and Managing Director, IREDA and W. Hoyer, President, EIB, in the presence of R K Singh, Union Minister of State (IC) Power and New and Renewable Energy and Anand Kumar, Secretary, Ministry of New and Renewable Energy (MNRE).

"There are villages in Ladakh and Arunachal Pradesh where you track on foot for three to four days to reach. Our aim is to bring electricity to even these remote place. Renewable energy has now become economically viable, and companies bidding for such projects are getting funds from all over the world. We have decided to go green, as we have a responsibility to future generations and the planet," said R.K. Singh.

Moreover, the MNRE secretary opined that India would exceed its target of 175 GW renewable energy by 2022.

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