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KfW, a German bank for KfW, signed a €200 million loan agreement with India's state-owned Rural Electrification Corporation last week to support the development of
renewable energy in rural areas across India.
Frankfurt-based KfW announced last week that it had signed a loan agreement with the Rural Electrification Corporation (REC), which will transfer funds to investors in the form of low-interest loans to develop renewable energy generation such as wind and solar in
rural India.
The loan must be accompanied by up to 30% contributions from the borrower and contributions from other banks under the syndicate financing scheme
.
KfW hopes its investment will help develop about 200 megawatts (MW) worth of clean energy, saving up to 285,000 tons of CO2
per year.
"India ranks third among the countries with the highest CO2 emissions," explains Professor Joachim Nagel, Member of the Executive Board of KfW Group, "and the demand for electricity will continue to increase
given the continued growth of the economy and population.
KfW's funding to promote increased use of renewable energy will make an important contribution
to mitigating the increase in greenhouse gas emissions and reducing the shortage of electricity supply.
”
For more than 40 years, Germany has been involved in several projects in India's energy sector, with "the overall objective of promoting inclusive, technologically and economically efficient, socially and ecologically sustainable energy supply and use
," according to a spokesperson for KfW Bank.
”
According to a spokesperson for KfW Bank, the bank will continue to invest about €2.
4 billion, of which €1 billion "is committed to India's Green Energy Corridor Initiative to support the development of
renewable energy and transmission infrastructure.
" ”
Significant renewable energy development is underway across India, thanks in part to the government's intention to increase renewable energy generation capacity to 175 gigawatts (GW) by 2022, accounting for nearly half
of the country's energy generation capacity.
Solar power is expected to account for 100 GW of the future renewable energy mix, while wind power is expected to contribute about 60 GW, with biomass and small hydro adding 10 GW and 5 GW
respectively.
KfW, a German bank for KfW, signed a €200 million loan agreement with India's state-owned Rural Electrification Corporation last week to support the development of
renewable energy in rural areas across India.
Frankfurt-based KfW announced last week that it had signed a loan agreement with the Rural Electrification Corporation (REC), which will transfer funds to investors in the form of low-interest loans to develop renewable energy generation such as wind and solar in
rural India.
The loan must be accompanied by up to 30% contributions from the borrower and contributions from other banks under the syndicate financing scheme
.
KfW hopes its investment will help develop about 200 megawatts (MW) worth of clean energy, saving up to 285,000 tons of CO2
per year.
"India ranks third among the countries with the highest CO2 emissions," explains Professor Joachim Nagel, Member of the Executive Board of KfW Group, "and the demand for electricity will continue to increase
given the continued growth of the economy and population.
KfW's funding to promote increased use of renewable energy will make an important contribution
to mitigating the increase in greenhouse gas emissions and reducing the shortage of electricity supply.
”
For more than 40 years, Germany has been involved in several projects in India's energy sector, with "the overall objective of promoting inclusive, technologically and economically efficient, socially and ecologically sustainable energy supply and use
," according to a spokesperson for KfW Bank.
”
According to a spokesperson for KfW Bank, the bank will continue to invest about €2.
4 billion, of which €1 billion "is committed to India's Green Energy Corridor Initiative to support the development of
renewable energy and transmission infrastructure.
" ”
Significant renewable energy development is underway across India, thanks in part to the government's intention to increase renewable energy generation capacity to 175 gigawatts (GW) by 2022, accounting for nearly half
of the country's energy generation capacity.
Solar power is expected to account for 100 GW of the future renewable energy mix, while wind power is expected to contribute about 60 GW, with biomass and small hydro adding 10 GW and 5 GW
respectively.
