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France to provide Euro 70 million soft loan to Indian Renewable Energy Development Agency (IREDA) for development of renewable energy

As Panchabuta had reported a couple of weeks back about the possibility of India and France signing a pact for development of renewable energy, reports in the media suggest that, India and France have signed an agreement for providing Euro 70 million soft loan to the Indian Renewable Energy Development Agency (IREDA) for promoting development of sustainable energy in the country.

The French Development Agency (AFD) and IREDA signed the Euro 70-million (Rs 4225 million) long-term soft loan agreement on Friday, a French Embassy release said here.

French Ambassador to India Jerome Bonnafont presided over the signing ceremony attended by AFD South Asia head Yves Boudot and IREDA chief Debashish Majumdar.

The agreement aims to help IREDA to finance or refinance renewable energy investments as well as energy efficiency investments, and give further impetus to IREDA’s mandate to promote the development of sustainable energy in India, it added.

This also comprises a further Euro 0.3-million grant for supporting IREDA to develop its know-how and portfolio of renewable energy projects with a focus on the solar sector, enhancing Indo-French cooperation in renewable energy, the release said.

The release said the agreement was in conformation with the willingness of India and France to strengthen their strategic partnership to address global challenges as reiterated by President Nicolas Sarkozy and Prime Minister Manmohan Singh here this month.

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