REC signs $169.5m loan deal with KfW for innovative solar projects – pv magazine India
REC Limited (formerly Rural Electrification Corporation Limited), a public electricity infrastructure finance company, has entered into an agreement with the German development bank KfW to benefit from an official development assistance (ODA) term loan of 169, $5 million.
KfW will provide the funding under the Indo-German bilateral partnership.
Proceeds from the ODA loan will be used to part-finance innovative generation projects based on solar photovoltaic technology in India at competitive interest rates. This is the fifth line of credit signed between REC Limited and KfW for the financing of projects in the electricity sector and the third line of credit for the financing of renewable energy projects.
REC is continually reshaping its policies to align with market demands and developing solutions and financial mechanisms that create scalable and efficient ways to channel private and public investment in renewable energy. As a testament to this, REC offers the lowest interest rates to the renewable energy sector among all segments financed by the company.
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