REC has entered into an agreement with KfW Development Bank for availing ODA term loan of $ 169.5 million under Indo-German Bilateral Partnership in accordance with the approval granted by Department of Economic Affairs, Ministry of Finance, Govt. of India.
Proceeds of ODA loan will be deployed for part financing of innovative Solar PV Technology-based generation Projects in India at competitive interest rates. This is the fifth credit line signed between REC and KfW for financing of power sector projects and third credit line for financing of renewable energy projects.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.
