The private sector lending arm of World Bank, International Finance Corporation or IFC has collaborated with Indian Renewable Energy Development Agency Ltd (IREDA) and PTC India Financial Services Ltd. or PFS to provide infrastructure funding for the renewable resource explorations and projects in India, according to a recently published press release.
The press release mentioned that IREDA and PFC have signed the master cooperation agreement (MCA) with IFC, and thereby registered their name in the league of 25 other financial institutions from across the world to have signed the agreement.
Speaking on this agreement Hyun Chan Cho, the Head of Infrastructure and Natural Resources – Asia Pacific said that IREDA and IFC will play crucial roles in the development of private sector by extending long term risk capital, which is needed the most. The partnership will enable the bodies to ensure prompt response to the funding requirement of the private sector and will also create increased job opportunities in the region.
Since the advent of MCA, signatories have collaboratively invested more than US$3 billion in partnership with IFC to boost private sector development worldwide. As told by the CEO and Managing Director of PFS, R M Malla, during an interview, the partnership with IFC and other financers from across the globe will significantly boost the exploration of renewable sources of energy across the world.
Further the Chairman and Managing Director for IREDA K S Popli said, the partnership will help IREDA to enhance its port folio with regards to funding renewable energy projects to assist plans adopted by the government of India to establish approximately 175 gigawatts of renewable energy in the next seven years.