IREDA Subsidiary Seals First Global Green Loan for Zambia Solar Project

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AuthorKavya Nair|Published at:
IREDA Subsidiary Seals First Global Green Loan for Zambia Solar Project
Overview

Indian Renewable Energy Development Agency (IREDA) subsidiary IGGEFIL has sanctioned its inaugural international loan of $22.5 million. The funds will finance a 100 MW solar power plant in Zambia, marking a significant step in IREDA's global renewable energy financing ambitions and expanding India's green finance footprint beyond domestic borders.

IGGEFIL Sanctions Landmark International Green Loan

IREDA Global Green Energy Finance IFSC Ltd. (IGGEFIL), a wholly-owned subsidiary of Indian Renewable Energy Development Agency Limited (IREDA), has approved its first international loan. The $22.5 million facility is earmarked for a 100 MW photovoltaic solar power project in the Serenje District, Zambia.

The decision, finalized during IGGEFIL's board meeting in New Delhi, signifies a crucial expansion of IREDA's global renewable energy financing operations. This move allows IGGEFIL, based at Gujarat International Finance Tec-City (GIFT City), to leverage competitive international capital for green energy initiatives worldwide.

Pradip Kumar Das, Chairman and Managing Director of IREDA and Chairman of IGGEFIL, hailed the sanction as a key milestone. "This first loan sanction by IGGEFIL is a landmark for IREDA to emerge as a global catalyst for clean energy financing," he stated. He emphasized IGGEFIL's role in channeling international capital to support renewable energy development globally, aligning with India's vision to lead in the sector.

Expanding India's Green Footprint

The financing of the Zambian solar project underscores IREDA's commitment to sustainable development internationally. It directly supports the Indian government's broader objective of positioning the nation as a global leader in renewable energy solutions.

IGGEFIL was established at GIFT City specifically to facilitate overseas green energy financing and cross-border renewable energy investments. This sanction heralds the beginning of its international lending operations.

IREDA, India's largest dedicated green financing institution, has a substantial domestic track record, having sanctioned over ₹2.7 lakh crore and disbursed more than ₹1.7 lakh crore. These figures reflect strong governance, paperless processes, and high asset quality in its domestic operations.

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