IREDA Secures ¥26 Billion Lifeline from SBI Tokyo, Igniting India's Green Energy Aspirations

Indian Renewable Energy Development Agency (IREDA) has signed a historic agreement with SBI's Tokyo Branch to obtain a ¥26 billion External Commercial Borrowing facility, with a ₹10 billion green shoe option. This five-year unfunded loan with a bullet payment at maturity is designed to further strengthen IREDA's global market position and increase its credit facility for India's fast-expanding renewable energy market. The facility, expected to cost less than 7% landed cost, is more economical than availing loans within the country. IREDA Chairman Pradip Kumar Das welcomed the pact as an indicator of faith from global investors in the company's financial soundness and growth prospect. This strategic step goes in tandem with IREDA's objective to minimize costs and diversify its resource base.

 

Source: The Economic Times, Business Standard