IREDA Disburses Rs 1100 Crore To Vector Green In 45 Days

IREDA Disburses Rs 1100 Crore To Vector Green In 45 Days

The Indian Renewable Energy Development Agency (IREDA) has disbursed a loan of Rs 1100 crores to Mumbai-based Vector Green Energy, which is focused on solar and wind power. Highlighting the size and speed of disbursal, IREDA said that it is the highest-ever disbursement to a single company in a day by the organisation.

Even as IREDA completed the loan process in 45 days, Pradip Kumar Das, CMD, IREDA, noted that “The company is thankful to Vector Green for making IREDA their first choice. The borrower preferred IREDA because of the speed of processing of loan sanctions to disbursement with transparency and the most competitive interest rate. This disbursement is another step in boosting ease of doing business and moving ahead in the mission of 5 times growth in the coming five years for IREDA.”

For the Global Infrastructure Partners owned Vector Green, the deal is a welcome vindication of its expectations from IREDA and the quality of its solar portfolio in India. The funding is planned to be utilised for six of its operational solar projects in India.

The firm has a 652 MW portfolio of solar and wind power projects in India. This includes 19 ground-mounted utility-scale projects located across eight states and 89 rooftop solar projects across seven states. According to the company’s website, an additional 90 MW of solar projects are under implementation in Gujarat. The company has acquired a major part of Rattan India’s solar portfolio in 2019, which added 275 MW to its portfolio in one go.

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