IREDA, EIB ink agreement for renewable energy growth in India

New Delhi [India], Mar. 10 (ANI): The European Investment Bank (EIB) and Indian Renewable Energy Development Agency (IREDA) Ltd. on Saturday signed a loan agreement for the second line of credit of EUR 150 million on a non-sovereign basis.

The additional credit, valid for a tenure of 15 years, including a grace period of three years, will be used for financing renewable energy and energy efficiency projects in India. More than 1.1 million households are expected to benefit from clean energy produced with these funds.

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.

Furthermore, the MNRE secretary opined that India would exceed its target of 175 GW renewable energy by 2022. (ANI)