IREDA Sign 100 Million Dollar Loan Agreement with World Bank

New Delhi: Indian Renewable Energy Development Agency Ltd., and The World Bank and Department of Economic Affairs, Government of India have signed the International Bank for Reconstruction and Development  loan agreement of $75 million, Clean Technology Fund loan agreement of $23 million and Clean Technology Grant Fund of $2 Million to support lending by IREDA to the Shared Infrastructure for Solar Parks Projects in India.

The loan agreement with the Government of India guarantee has been signed between Mr Sameer Kumar Khare, Joint Secretary (MI), Mr. Hisham A. Abdo Kahin, Acting Country Director, the World Bank and Mr. K.S. Popli, Chairman and Managing Director, IREDA on 20th November 2017, at the office of Department of Economic Affairs, Ministry of Finance, North Block. 

IREDA is a Mini Ratna Government of India Enterprise extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. The World Bank has so far invested $61.8 Billion funds in loans, grants, equity investments, and guarantees to partner countries and private businesses worldwide. World Bank line shall provide long-term funds for development of shared infrastructure which will help in lowering the cost of the project and thereby cost of generation of power and help the sector towards achieving development of 20 GW through Solar Parks out of the overall target of 60 GW for ground-mounted solar.