Ireda-IFC
K.S. Popli, CMD, IREDA, Hyun Chan Cho, Head – Infrastructure and Natural Resources – Asia Pacific, IFC.

IFC, a member of the World Bank Group, and Indian Renewable Energy Development Agency Ltd will partner to provide infrastructure financing for renewable energy projects in India.

IREDA, the financing arm of the Ministry of New and Renewable Energy, is now the 27th development finance institution globally and the second in India, to sign IFC’s master cooperation agreement. This collaboration will help standardise steps that lenders take when co-financing projects with IFC. The ultimate aim is to make local currency financing available in shorter timeframes 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 GW 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.”

IFC’s master cooperation agreement was created in 2009 in response to calls for finance institutions to collaborate more closely to help meet shortfalls in private sector financing during the global financial crisis.

“Enhancing India’s power generation capacity is critical to expand access to electricity and support domestic manufacturing and agribusiness sectors,” said Vivek Pathak, IFC’s Director for Asia-Pacific. “Partnering with IREDA will enable developers to speedily commission renewable energy projects while having a positive environmental footprint and creating jobs.”

Since the master cooperation agreement was created, signatories have co-invested more than $3 billion with IFC to support private sector development across the world.

“IFC and IREDA will play a catalytic role in private sector development by providing long-term risk capital where it is needed most,” said Hyun Chan Cho, IFC’s Head for Infrastructure and Natural Resources – Asia Pacific. “With this partnership, we can respond more swiftly to private sector financing needs and boost job creation.”

IREDA is the dedicated financing arm of the Ministry of New and Renewable Energy that supports the growth of renewable energy in the country. Since its inception, it has disbursed more than Indian rupees 169.4 billion in financing to the sector (approximately $2.8 billion).

Meanwhile, IFC and PTC India Financial Services Ltd have also joined hands to provide infrastructure financing for renewable energy projects in India.

PFS, a non-banking finance company promoted by PTC India Ltd., becomes the first institution in India, and the 26th globally, to sign IFC’s master cooperation agreement. The company had been granted the status of an Infrastructure Finance Company by RBI.

Besides standardizing steps that lenders take when co-financing projects with IFC, the collaboration between IFC and PFS aims to make local currency financing available in shorter time-frames and reduce financing costs for borrowers, in turn enabling faster implementation of projects.

The investments in renewable energy projects will help boost growth and lead to creation of jobs, IFC said in a release.

“This partnership will deepen our cooperation with IFC and other development financiers in areas such as renewable energy,” said R.M. Malla, Managing Director and CEO, PFS. “In addition to reducing costs, our clients will also have access to global best practices including IFC’s environmental and social guidelines,” he added.

IFC’s master cooperation agreement was created in 2009 in response to calls for finance institutions to collaborate more closely to help meet shortfalls in private sector financing during the global financial crisis.

“IFC and PFS can work more efficiently with Indian companies to spur private sector development by providing long-term risk capital where it is needed most,” said Hyun-Chan Cho, IFC’s Head of Infrastructure and Natural Resources – Asia Pacific.

“With this partnership, we can respond more swiftly to private sector financing needs, and boost job creation,” he added.

Since the master cooperation agreement was created, signatories have co-invested more than $3 billion with IFC to support private sector development across the world.

According to IFC, its partnership with PFS will spur private sector investments in India’s renewable energy sector.


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