Renewable Energy Financing Facility II

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The FC module includes the provision of a credit line to the Indian Renewable Energy Development Agency Ltd. (IREDA) to finance projects to generate electricity from renewable energies, in particular using wind power and solar systems and, if necessary, other technologies (including storage). IREDA passes the funds on to investors in the form of low-interest loans to build solar and wind power plants. The borrowers make a personal contribution of up to 30%, so that the total investment through this mobilization of private capital is around EUR 285 million. This will enable at least 350 megawatts of power plant capacity and CO2 savings of around 600,000 tons per year to be achieved. The new plants will theoretically supply more than 460,000 people with environmentally and climate-friendly electricity. The project serves to protect the climate, environment and resources by using renewable energy sources to generate electricity and makes a direct contribution to supporting the Indian government in implementing the NDCs. By expanding electricity generation capacities based on renewable energies, the project makes a significant contribution to an ecologically sustainable electricity supply in India.