REC Limited (formerly Rural Electrification Corporation Limited), a state-owned power infrastructure finance company, has reached an agreement with German development bank KfW to benefit from an Official Development Assistance (ODA) term loan of 169 , $ 5 million.
KfW will provide the funding under the bilateral Indo-German partnership.
The proceeds of the ODA loan will be used to partially finance innovative production projects based on solar PV technology in India at competitive interest rates. This is the fifth line of credit signed between REC Limited and KfW for the financing of projects in the electricity sector and the third line of credit for the financing of renewable energy projects.
REC continually redefines its policies to align with market demands and develops financial solutions and mechanisms that create scalable and efficient ways of channeling private and public investments in renewable energy. As evidenced by this, REC offers the lowest interest rates to the renewable energy industry among all segments funded by the company.
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