REC Limited (formerly Rural Electrification Corporation Limited), a state-owned power infrastructure finance company, has entered into an agreement with German development bank KfW for availing official development assistance (ODA) term loan of US$ 169.5 million.
KfW shall provide the funding under Indo-German Bilateral Partnership.
Proceeds of ODA loan will be deployed for part financing of innovative solar PV technology-based generation projects in India at competitive interest rates. This is the fifth credit line signed between REC Limited and KfW for the financing of power sector projects and the third credit line for the financing of renewable energy projects.
REC is continuously re-shaping its policies to align with market requirements and developing financial solutions and mechanisms that create scalable and effective ways of channelizing both private and public investments in the renewable energy space. As a testament to this, REC offers the lowest interest rates to the renewable energy sector among all the segments being financed by the corporation.
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