New Delhi, March 30 The state-run Indian Renewable Energy Development Agency (IREDA) announced on Monday that it has entered into a financing agreement with Sumitomo Mitsui Banking Corporation (SMBC) to raise External Commercial Borrowing (ECB) amounting to JPY 28 billion.
This includes a greenshoe option of JPY 12 billion.
The proceeds will be used to support sustainable financing initiatives, the company said in a statement.
According to the statement, the five-year unsecured facility is expected to further strengthen IREDA's resource base while enhancing its presence in international financial markets.
The facility is positioned as a cost-efficient and resilient funding source, particularly in the context of evolving global geopolitical dynamics.
Pradip Kumar Das, Chairman & Managing Director, IREDA, said the transaction will strengthen IREDA's capacity to scale up lending operations in alignment with India's renewable energy and sustainable development goals.
