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IREDA, EIB ink 150mn-euro loan agreement for renewable energy

Press Trust of India  |  New Delhi 

Indian Development Agency (IREDA) and (EIB) have today inked a 150 million euros loan agreement, a move that will benefit over 1.1 million households with

IREDA, which is the financing arm of New and Ministry, has signed the loan agreement for a second line of credit (LoC) on non-sovereign basis, an official statement today said.

It added that the line of credit is for tenure of 15 years, including a grace period of three years and will be used for financing and in

EIB is the long-term lending institution of the owned by its member states.

"More than 1.1 million households are expected to benefit from produced (through projects financed through the funds)," the statement said.

The agreement was signed by IREDA and MD K S Popli and W Hoyer, of EIB. Power and New and R K Singh and were also present on the occasion.

Singh said the government's aim is to bring to even the remotest places.

"We have decided to go green, as we have a responsibility to future generations and the planet," he added.

Highlighting the renewable energy has now become economically viable, Singh said companies bidding for such projects are getting funds from all over the world.

Kumar pointed out that two factors - efficient technology and - are important for the success of

He expressed confidence that will exceed its target of 175 GW renewable energy by 2022.

Popli said the EIB has extended this line of credit without insisting for sovereign guarantee from the Indian government, which shows their commitment and confidence in the sector.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, March 10 2018. 22:05 IST