REC signs agreement with KfW Development Bank to finance power sector and RE projects

REC Limited has signed an agreement with KfW Development Bank for availing official development assistance (ODA) term loan of USD169.5 million under Indo-German Bilateral Partnership.

Proceeds of ODA loan will be deployed for part financing of innovative solar photovoltaic (PV) technology based generation projects in India at competitive interest rates. This is the fifth credit line signed between REC Limited and KfW for financing of power sector projects and third credit line for financing of renewable energy (RE) projects.