NDB to back renewables in India, Brazil

Rooftop solar system in India. Author: Coshipi (clive.semmens.org.uk). Licensed under CC BY-SA via Flickr.

October 29 (Renewables Now) - The New Development Bank (NDB) said last week it approved a USD-300-million (EUR 270.7m) loan to India’s REC Ltd (NSE:RECLTD), a public infrastructure financier, to support the Indian government’s investment in the renewable energy sector.

The bank's contribution will be directed at improving India’s power mix through funds for construction and commissioning of renewable energy projects, the multilateral lender said.

The NDB, formerly known as the BRICS Development Bank, also agreed to provide USD 500 million as a sovereign loan to Brazil for the nation’s climate fund project Fundo Clima. This disbursement will enable Fundo Clima to expand its on-lending operations to climate change mitigation and adaptation initiatives.

The renewable energy sector, as well as urban mobility, waste treatment and energy efficiency enterprises, can expect to be financed under this loan, the NDB said.

(USD 1.0 = EUR 0.902)

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