Rural Electrification Corporation (REC), the state owned power sector financier, signed a 200 million Euro loan with the German bank KfW in Frankfurt on 13th August 2018. This is REC’s fourth line of credit under Indo-German development cooperation which REC will utilize to finance renewable energy projects in India.
“This is yet another step towards promoting renewable energy in India after having more than tripled our financing in renewable sector last year. The partnership reflects the commitment of both the institutions towards sustainable development”, said Dr. P.V. Ramesh, CMD, REC.
Dr. P.V. Ramesh, CMD, REC and Roland Siller, Member of the Management Committee – Europe and Asia, KfW signed the pact in the presence of Dr. A.K. Verma, Joint Secretary, Ministry of Power and the Consul General of India Pratibha Parkar.