Mumbai : Indian Renewable Energy Development Agency Limited (IREDA) has signed a Facility Agreement today for raising External Commercial Borrowing (ECB) from SBI, Tokyo Branch for JPY 26 billion, including a Green Shoe Option of JPY 10 billion.
This five-year unsecured facility, with bullet payment at maturity, is set to strengthen IREDA`s global market presence. The landed cost (after hedging) is expected to be below 7%, making it more cost-effective than similar-tenure loans in the domestic market.
Commenting on the agreement, Shri Pradip Kumar Das, Chairman & Managing Director, IREDA, stated, This facility enables us to diversify our resource base and optimize costs, enhancing our lending operations to support India`s renewable energy sector. The transaction reflects the strong confidence of global investors in IREDA`s financial stability and growth potential.
IREDA continues to enjoy international credit rating of ˜BBB-‘ long-term and ‘A-3’ short-term with Outlook ˜Stable` from S&P Global, underscoring its highest standards of corporate governance and credibility in international markets.