“The strengthened partnership between IREDA and the European Investment Bank reflects the joint commitment of India and the European Union to implement the Paris climate agreement. Investment in new solar energy and wind power schemes will improve access to clean energy for millions of Indians and create many new jobs,” said Dr. Werner Hoyer, President of the European Investment Bank.
The loan agreement was signed by Kuljit Singh Popli, Chairman and Managing Director, IREDA and Dr. Hoyer in the presence of R. K. Singh, Minister of State Power and New & Renewable Energy and Shri Anand Kumar, Secretary, MNRE.
“The significant new European Investment Bank support signed today will strengthen expansion of clean energy generation across India. I welcome the continued cooperation between IREDA and the European Investment Bank that builds the clear success of new renewable energy and energy efficiency investment over the last four years,” said R.K. Singh.
The European Investment Bank is currently is working closely with public and private sector partners to support new renewable energy projects across India.
Cooperation with the India Infrastructure Finance Company will support a number of renewable energy shemes, including projects in Tamil Nadu, Telangana State and Anantpur.
A few weeks ago the EIB agreed a new initiative with Yes Bank that will support new solar energy investment across the country.
“The speed with which the second line of credit was negotiated shows the mutual confidence and comfort that EIB and IREDA had developed after working with each other for last 4 years. Moreover, the EIB has extended this line of credit without insisting for sovereign guarantee from Government of India, which also shows their commitment and confidence in the sector,” said Kuljit Singh Popli.
For Information; European Investment Bank
