World Bank arm to partner IREDA for energy projects

New Delhi, April 30: The Intertiol Fince Corporation (IFC), the private fincing arm of the World Bank, has said it would partner the Indian Renewable Energy Development Agency (IREDA) to provide infrastructure fincing for energy projects in India. “This collaboration will help standardise steps that lenders take when co-fincing projects with the IFC. The ultimate aim is to make local currency fincing available in shorter time-frames and reduce fincing costs for lenders and borrowers,” the IFC said in a release on Wednesday. IREDA, the fincing arm of the renewable energy ministry, has become the second institution in India after PTC India Fincial Services to sign IFC’s master cooperation agreement.

“The partnership will help the IREDA increase its portfolio in fincing renewable energy projects to support the government’s plans to establish up to 175 gigawatts of renewable energy projects over the next seven years,” K.S. Popli, IREDA chairman and maging director, said in a statement. The IFC’s master cooperation agreement was created in 2009 for fincial institutions to collaborate more closely to help meet the shortfall in private sector fincing during the global fincial crisis. “Since then, sigtories have co-invested more than $3 billion with the IFC to support private sector development across the world,” it said. (IANS)