Reliance Money, a brand of Reliance Commercial Finance Limited (RCFL), a subsidiary of Reliance Capital Limited, has signed an agreement with the Indian Renewable Energy Development Agency Limited (IREDA) to receive funding of INR three billion ($46 million).
Reliance Commercial Finance Limited will utilize this loan for lending to its renewable energy and energy efficiency projects.
Commenting on the occasion, Devang Mody, Executive Director and CEO at RCFL, said: “RCFL is already a strong known name in the renewable energy funding space, especially related to solar and wind energy. Our partnership with IREDA opens new opportunities for us to create solutions for the renewable power sector.”
RCFL has supported several renewable energy businesses across the wind and solar energy sectors by financing or co-financing projects of more than 1,800 MW.
Additionally, the company has also provided financial assistance for developing infrastructure and other projects targeted towards the government initiatives to create 5 GW of PV manufacturing capacity from 2019, build 20 GW of projects in the country by 2026, and install 175 GW of renewables by 2022.