MOU
IREDA and KfW sign Euro 20 million Loan Agreement
NEW DELHI. KfW Development Bank and Indian Renewable Energy Development Agency Ltd. (IREDA) have today signed the 6th Line of Credit (LoC) for Euro 20 million to be utilized by IREDA for “Access to Energy” by financing Renewable Energy projects in India.
The Agreement for availing the LoC of Euro 20 million from KfW, was signed by Shri K S Popli, CMD, IREDA and Mr. Peter Hilliges, Director, and Mr. Kurt Strasser, Dy. Director, KfW India, New Delhi Office, in New Delhi in the presence of Mr Upendra Tripathy, Secretary, MNRE, and other senior officials of MNRE, KfW and IREDA.
The loan period is 12 years with 4 years of grace period. This LoC is on standalone basis without sovereign guarantee from Government of India. This 6th line from KfW is specifically for supporting IREDA for providing financial assistance for off-grid solutions mainly through photovoltaic (PV) / hybrid mini- grids, PV irrigation pumps, household lighting systems, etc. to areas which have none or very limited access to modern energy services.
This line of credit will help IREDA in providing medium to long term loans to private enterprises who offer climate-friendly, decentralized energy solutions and find it difficult to avail loan facilities in the normal course. KfW Development Bank is also providing grant of Euro 05 million for technical assistance and for subsidy to sub borrowers.
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