India’s solar product exports record over 20-fold jump to $2 bn in last 2 years
India’s exports of solar photovoltaic (PV) products surged 23 times to $2 billion in the fiscal year (FY) 2024 from FY22, according to a new report.
India’s leading rural electrification public sector unit, REC has entered into an agreement with KfW Development Bank here on Thursday for availing ODA term loan of USD 169.5 million under Indo-German Bilateral Partnership to venture into innovative solar power generation.
The proceeds of the loan would be deployed for part financing of innovative Solar PV Technology-based generation projects in India at competitive interest rates. The MoU was in accordance with the approval granted by the Department of Economic Affairs, Ministry of Finance, said a senior officer of the Power Ministry.
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This was the fifth credit line signed between REC Limited and KfW for the financing of Power Sector Projects and the third credit line for the financing of Renewable Energy Projects, the Ministry said. He said the REC was continuously re-shaping its policies to align with market requirements and developing financial solutions and mechanisms.
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REC has been stressing to 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, he added.
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