India: Proparco grants another loan to support the development of renewable energies
published on 21 February 2018
Proparco granted a €27M loan to the Indian Company Srei Equipment Finance Limited (“SEFL”) to finance renewable energy or energy efficient projects in India.
This loan reflects the continuous support brought by Proparco to renewable energy in India, which represents over 50% of its cumulative commitments by end of 2017. The parent company of SEFL, Srei Infrastructure Finance Limited, also received a 20 million euro loan from Proparco in 2009 to finance renewable energy projects.
Commenting on this transaction, Grégory Clemente, Proparco's CEO, said “Proparco is very satisfied to strengthen its partnership with the SREI Group and to support India’s ambitious policy of renewable energy development”.
Mr. Devendra Kumar Vyas, the CEO of SEFL, added: “We are happy to get the funding from Proparco, one of the leading European Development Finance Institutions. The funding reinforces our resolve to accomplish sustainable business growth by financing green technologies, and equipment which have a minimal environmental footprint.”
