Euro 40M Energy Efficiency and Renewables Boost for India

THE European Investment Bank (EIB) has signed a €40 million long-term loan to SREI Infrastructure Finance Limited (SREI) of India, with the main purpose of financing investments that will help to mitigate climate change in India.

The loan will be supported by the Italian Export Credit Agency SACE S.p.A. This tripartite cooperation will help project financing in India. This is the first instalment of an €80 million loan.

The loan is for energy efficiency and renewable projects carried out primarily by private sector companies. The investments will help to meet India’s rapidly growing demand for electricity by saving energy and using environmentally sustainable resources.

They will also generate economic benefits for the region by developing domestic energy resources, improving energy efficiency and reducing airborne pollution and greenhouse gas emissions.

SREI will on-lend the funds to final beneficiaries and identify and pre-select the projects. The EIB will then perform due diligence to ensure that all projects are economically and financially viable, technically appropriate and in compliance with the Bank’s environmental and social requirements and its Guide to Procurement.

This loan is being provided under the €4.5 billion Energy Sustainability and Security of Supply Facility (ESF).

Picture of Mumbai by Nikkul at en.wikipedia [CC-BY-SA-3.0], from Wikimedia Commons

Tuesday 17th September 2013

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