IFC, a member of the World Bank Group, and the Indian Renewable Energy Development Agency Ltd. (IREDA) will partner to provide much-needed infrastructure financing for renewable energy projects in India, which, in turn, will help boost growth and create jobs.
This collaboration will help standardize steps that lenders take when co-financing projects with IFC. The ultimate aim is to make local currency financing available in shorter time-frames and reduce financing costs for lenders and borrowers.
“The partnership will help IREDA increase its portfolio in financing renewable energy projects, to support the government of India’s plans to establish up to 175 gigawatts of renewable energy projects over the next seven years,” said K. S. Popli, Chairman and Managing Director, IREDA. “Our clients will have access to global best practices including IFC’s environmental and social guidelines.”