KfW to lend $228mn for 200MW renewable energy project in India

By Olivia Minnock
German state-owned development bank KfW is lending $228mn (€200mn) to India to boost renewable energy.  

German state-owned development bank KfW is lending $228mn (€200mn) to India to boost renewable energy.  

The funding will be used to help the country provide low-interest loans for around 200MW of new energy capacity.

See also:

India invested more in renewable energy than fossil fuels in 2017

India’s largest solar plant gains government approval

Read the latest edition of Energy Digital magazine

A credit line has been agreed between KfW and Indian public infrastructure finance company Rural Electrification Corporate Ltd (REC) which plans to back primarily solar and wind power projects. The financing will target private sector projects.

The new 200MW of capacity the initiative hopes to create should meet the demand of around 270,000 homes and could help offset up to 285,000 tonnes of annual CO2 emissions.

The low-interest loans on offer are to be supplemented by counterpart contributions from borrowers of up to 30% as well as funding from other lenders.

Joachim Nagel, a member of KfW’s executive board, said: “KfW’s financing to promote the increased use of renewables will make an important contribution to slowing the rise in greenhouse gas emissions and reducing the deficit in the power supply.”

 

Share
Share

Featured Articles

Who is Greg Joiner, the new Head of Shell Energy?

Joiner will be formally be appointed as Shell Energy’s EVP on 1 April following a reshuffle of the division's top team

Watershed Workshop at Sustainability LIVE: Net Zero

Hosted on Day 1 of Sustainability LIVE: Net Zero, Watershed’s session was overflowing with ideas that apply to supply chain decarbonisation

Capgemini Invent Workshop at Sustainability LIVE: Net Zero

Explore how Capgemini Invent's workshop on Day 1 of Sustainability LIVE: Net Zero delved into climate adaptation & social sustainability for futureproofing

Energy Highlights from Sustainability LIVE: Net Zero

Sustainability

Sustainability LIVE: Leading ESG and Net Zero

Sustainability

International Women’s Day: Women in Energy with Julia Souder

Renewable Energy