State run Rural Electrification Corporation today said it has inked a loan agreement with German bank KfW for EUR 200 million facility that would be used to finance clean energy projects in India.
"REC Limited signed a 200 million euro loan with the German bank KfW in Frankfurt on August 13, 2018. This is REC's fourth line of credit under Indo-German development cooperation which REC will utilise to finance renewable energy projects in India," REC said in a statement.
"This is yet another step towards promoting renewable energy in India after having more than tripled our financing in renewable sector last year. The partnership reflects the commitment of both the institutions towards sustainable development”, REC CMD P V Ramesh said.
The REC is one of the key players financing the power sector in India, lending to power projects across the value chain. Its sanctions in the renewable sector grew from Rs 2,090 crore in FY2016-17 to Rs 7,034 crore in FY2017-18. In the last quarter of FY2017-18, 17 percent of the REC's total sanctions were for the renewable energy sector.
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