IREDA and EIB sign Euro 150 million loan agreement for renewable energy financing

The European Investment Bank (EIB) has signed a long-term agreement for Euro 150 million with the Indian Renewable Energy Development Agency (IREDA) to finance clean energy projects in the country. This is the second line of credit extended by EIB to IREDA. The previous line of credit had enabled the development of projects aggregating 600 MW over four years. The present agreement is expected to aid the development of another 600-700 MW of clean energy projects in the country, benefitting more than 1.1 million Indian households. The line of credit is for a tenure of 15 years including a grace period of three years.