3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||30 Mar 2009|
|Customer:||Indian Renewable Energy Development Agency Ltd.|
|Amount in USD:||USD 50 million|
|Amount in EUR:||EUR 37.9 million|
|NACE sector / loan type:||Loan programme|
|Business area:||Financial institutions and SMEs|
The loan has been provided for financing renewable energy projects in India. It is anticipated that most of the programme will be used for the financing of equipment supplies from the Nordic/Baltic countries to facilitate renewable energy production in India.
In order to decrease India's dependence on fossil fuels such as coal, oil and gas, the country's government is promoting energy conservation and the use of renewable energy sources. Today renewable energy constitutes approximately 5% of India's electricity generation capacity. According to governmental plans, its share is to increase to 10% by 2012.
IREDA was established in 1987 with the purpose of promoting, developing and extending financial assistance for renewable energy, energy efficiency and conservation projects. The institution is particularly involved in hydropower, wind power, bioenergy, as well as solar and municipal waste energy.
IREDA's investments in the development of renewable energy in India has positive environmental impacts, both locally and globally. Renewable energy has large untapped potential in India and can, at least partly, replace the country's present reliance on fossil fuels.