KfW Development Bank has agreed to extend a soft loan of Rs 6 billion to West Bengal state discom for the first phase of the upcoming 125 MW solar park project in Purba Medinipur district in the state.
The project will be executed by the West Bengal State Electricity Distribution Company Limited (WBSEDCL), which on completion will double the state’s installed solar capacity in the state. The 15-year loan extended by KfW will carry an interest rate of 0.15 per cent and cover 80 per cent of the total project cost of Rs 7.50 billion. The Department of Economic Affairs (DEA) has given its clearance for the loan.