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KfW Germany, India Renewable Energy Development Agency (IREDA) sign €200 million agreement

Panchabuta had reported earlier this year that Germany’s Kfw Bank in February will provide soft loans of Rs. 12 billion. German government-owned development bank KfW plans to lend 800 million euros in the 2011-12 calender year to finance various renewable energy projects in India.

Panchabuta had reported last month that  KfW Bank was in the process of signing a 200 million euro line of credit with IREDA and had so far  provided 140 million euros to the state-run lender. KfW will also planning to sign a loan agreement worth 100 million euros with NTPC for a 15-MW solar plant in Rajasthan in the next few months.

According to reports today,  German Government-owned development bank KfW today signed a loan agreement worth €200 million with the Indian Renewable Energy Development Agency Limited (IREDA).

The agreement was signed by Debashish Majumdar, CMD, IREDA with Uwe Ohls, Senior Vice President, KfW in the presence of Christian Schlaga, Charge d’Affaires a.i. of the Federal Republic of Germany, and of Prabodh Saxena, Joint Secretary, Department of Economic Affairs of India’s Ministry of Finance.

The agreement comprises an integrated package of concessional loan and technical assistance, further strengthening long-standing relationship between German Development Cooperation and IREDA.

The New Renewable Energy Programme with IREDA consists a credit line of €200 million and an accompanying grant component of €0.5 million for technical support.

The loan, which is KfW’s fourth line of credit to IREDA, seeks to promote innovative Renewable Energy business models, involving either new technologies, financing mechanisms or institutional arrangements, across a variety of renewable energy sources – solar (both PV and thermal), wind, biomass and cogeneration, and small hydro.

Germany and KfW bank are long-standing partners of India.

One comment

  1. I am the Secretary of Hill People’s Development Council (HPDC) which is an NGO established in 1993 register to take up some projects the welfare of hilly and remote areas tribals. Since to-day many villages in the hill areas of Manipur State did not get electric light. Many house-holds were using the oldest of of light . In this regard, the organisation take up survey for giving Solar light to 350 families living poor amongst the poorest families. I, therefore request the IREDA to cooperate and grant some financial assistance to purchase the Solar light or supply it under humanitarian ground through the organisation.
    with regard,
    Mr.Mangcha Haokip
    Secretary, HPDC

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