New Delhi: REC Limited, a public sector entity, has entered into an agreement with KfW Development Bank for availing official development assistance (ODA) term loan of USD 169.5 million under Indo-German Bilateral Partnership in accordance with the approval granted by Department of Economic Affairs, Ministry of Finance, Government of India.

Proceeds of ODA loan will be deployed for part financing of innovative solar PV technology based generation projects in India at competitive interest rates. This is the fifth credit line signed between REC Limited and KfW for financing of power sector projects and third credit line for financing of renewable energy projects, said an official statement.

REC is continuously re-shaping its policies to align with market requirements and developing financial solutions and mechanisms that create scalable and effective ways of channelizing both private and public investments in the renewable energy space. As a testament to this, REC offers the lowest interest rates to the renewable energy sector among all the segments being financed by the corporation. /BI/