IREDA secures 26 bn Japanese Yen ECB facility from SBI, Tokyo, ET BFSI
New Delhi, State-owned IREDA on Friday stated it has secured a 26 billion Japanese Yen External Commercial Borrowing facility from SBI‘s Tokyo Department, together with a inexperienced shoe choice of 10 billion Japanese Yen. This five-year unsecured facility is about to strengthen IREDA’s world market presence, the corporate stated in an announcement.
“IREDA has signed a facility settlement at the moment for elevating exterior Business Borrowing (ECB) from SBI, Tokyo Department for JPY 26 billion, together with a inexperienced shoe choice of JPY 10 billion.
“The landed price (after hedging) is anticipated to be under 7 per cent, making it cheaper than similar-tenure loans within the home market,” it stated.
The corporate’s Chairman & Managing Director Pradip Kumar Das stated the ability will allow the corporate to diversify its useful resource base and optimize prices, enhancing our lending operations to help India’s renewable power sector.
The transaction displays the sturdy confidence of worldwide buyers in IREDA’s financial stability and progress potential.
Indian Renewable Energy Development Agency Ltd (IREDA) is a non-banking monetary establishment beneath the Ministry of New and Renewable Vitality.
