Reliance Money Signs Rs. 300 crore Agreement with IREDA, Funds to be Used for Lending - Renewable Energy Business Customers
Reliance Money, a subsidiary of Reliance Capital Limited recently
announced that it has signed an agreement with Indian Renewable Energy
Development Agency Limited (IREDA) to receive funding of Rs.300 crore. IREDA is
a Government of India Enterprise under the administrative control of Ministry
of New and Renewable Energy (MNRE). This loan assistance offered by IREDA will
be utilized by Reliance Commercial Finance Limited for lending to its renewable
energy and energy efficiency projects.
“Reliance Commercial
Finance Limited is already a strong known name in the renewable energy funding
space, especially related to solar & wind energy. Our partnership with
IREDA opens new opportunities for us to create solutions for renewable power
sector” said Devang Mody, Executive
Director and CEO, Reliance Commercial Finance Limited.
RCFL has been a pioneer in financing renewable energy
businesses across wind and solar energy sectors by financing / co-financing
projects of more than 1800 MW. Additionally, RCFL provides financial assistance
for developing infrastructure and other projects targeted towards the
government initiatives on renewable energy. Current government initiatives like
‘Prayas’, part of Prime Minister Narendra Modi’s ‘Make in India” campaign, aims
to create 5 GigaWatts(GW) of photovoltaic manufacturing capacity from 2019 and
build 20 GW of projects in the country by 2026. Government plans to raise renewable
capacity to 175 GW by 2022 from 45 GW at present.
“With the PM’s vision
of promoting renewable energy we too understand the importance of what right
financing will do to the sector. We are delighted to be associated with
Reliance Commercial Finance Limited. With the funding we are confident that
RCFL will provide solutions and help fill any gaps in financing the Renewable
Energy sector” said K.S. POPLI,
Chairman & Managing Director, Indian Renewable Energy Development Agency
Limited (IREDA).
Section: News
Tags: Solar power, solar energy, solar news, solar India,
solar projects, India, IREDA, Reliance Money, Reliance Capital Limited, Indian
Renewable Energy Development Agency Limited
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