In accordance with the approval granted by the Department of Economic Affairs, Ministry of Finance, REC Limited -- the public sector undertaking – announced on December 23 that it has entered into an agreement with Frankfurt-based KfW Development Bank to avail an Official Development Assistance (ODA) term loan worth $169.5 million under the Indo-German bilateral partnership.
The gains of the ODA loan from the German state-owned
bank will be used for part financing of innovative solar PV technology-based generation projects in India at competitive interest rates.
REC, formerly known as the Rural Electrification Corporation Limited, finances and promotes power projects across the country. It ensures that on lowest interest rates, the renewable energy sector among all the segments being financed by the corporation.
State-owned REC had earlier this year got shareholders' approval to raise up to Rs 85,000 crore through issuance of non-convertible bonds.
The fundraising was targeted at helping the company explore business opportunities like funding or undertaking studies, research on any project including training and also financing of projects, activities or works in respect of electrical and electromechanical/hydro systems, projects of lift irrigation, smart city, electrification of railway lines, airports, etc.
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