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IREDA and AFD Sign Euro 100 million Agreement

Press Information Bureau:  May, 2014

New Delhi: The Agence Francaise de Developpement (AFD) 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 15years and without any guarantee from Government of India.

Agreement for availing the LoC of Euro 100 million from AFD, was signed by Shri K S Popli, Chairman and Managing Director, IREDA and Mrs Aude Flogny -Director of AFD's Regional Office in New Delhi in the presence of Senior officials of MNRE & IREDA.

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

IREDA is a dedicated financing institution for financing RE projects under the aegis of Ministry of New and Renewable Energy (MNRE). It has till datedisbursed 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 variousbilateral / multilateral agencies as also from domestic sources through both taxable and tax-free bonds for providing long term finance on competitive terms and conditions.