Reliance Money Secures ₹3 Billion Loan from IREDA for Renewable Energy Projects
October 11, 2017
The Indian Renewable Energy Development Agency (IREDA) will provide loan to the tune of ₹3 billion (~$45.7 million) to Reliance Money, a brand by Reliance Commercial Finance Limited, a subsidiary of Reliance Capital Limited -part of the Anil Dhirubhai Ambani Group (ADAG) – for renewable energy and energy efficiency projects.
To date, Reliance Commercial Finance Limited has financed or co-financed renewable energy projects of more than 1,800 MW, including both wind and solar energy projects, according to the company.
“Reliance Commercial Finance Limited is already a strong known name in the renewable energy funding space, especially related to solar & wind energy. Our partnership with IREDA opens new opportunities for us to create solutions for renewable power sector” said Mr. Devang Mody, Executive Director and CEO, Reliance Commercial Finance Limited.
“With the funding, we are confident that RCFL will provide solutions and help fill in gaps in financing in the renewable energy sector” said Mr. K.S. POPLI, Chairman & Managing Director, IREDA.
Meanwhile to push growth in the renewable energy sector, IREDA is planning to raise more debt to fund renewable energy projects. To achieve this, IREDA is expected to issue 139 million equity shares priced at ₹10 (~$0.16) each as part of its initial public offering (IPO).
As of 31st March 2017, IREDA’s cumulative sanctions and disbursements stood at ₹488 billion (~$7.5 billion) and ₹277.9 billion (~$4.2 billion) (provisional) respectively, loan portfolio stood at ₹136 billion (~$2.1 billion) according to company documents.
In December 2016, IREDA launched a loan program to provide financing to concentrated solar thermal projects set up under the Global environment Facility, a United Nations Industrial Development Organization (UNIDO) and Ministry of New and Renewable Energy (MNRE) program.
According to Mercom Capital Group’s recently released ‘Q3 2017 Solar Funding and M&A Report’, new renewable energy and solar focused funds raised a total of $5.2 billion in Q3 2017.
Wendy Prabhu
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