Reliance Commercial Finance inks agreement with IREDA for Rs 300 crore loan

Mumbai: Reliance Commercial Finance Ltd on Monday said it has signed an agreement with Indian Renewable Energy Development Agency Ltd (IREDA) for Rs 300 crore loan.

In a statement, the company said the IREDA loan will be used to lend to renewable energy and energy efficiency projects.

The Reliance Commercial Finance is a subsidiary of Reliance Capital while IREDA is a central public sector undertaking under Ministry of New and Renewable Energy.

"Reliance Commercial Finance Limited is already a strong known name in the renewable energy funding space, especially related to solar and wind energy. Our partnership with IREDA opens new opportunities for us to create solutions for renewable power sector," Devang Mody, Executive Director and CEO, Reliance Commercial Finance was quoted as saying in the statement.

According to the company statement, Reliance Commercial Finance has funded wind and solar energy sectors of more than 1,800 MW. The company also provides financial assistance for developing infrastructure and other projects targeted towards the government initiatives on renewable energy.

"With the funding we are confident that RCFL (Reliance Commercial Finance) will provide solutions and help fill any gaps in financing the Renewable Energy sector," K.S. Popli, Chairman & Managing Director, IREDA, was quoted as saying in the statement.