According to the Finance Ministry’s approval, REC, the state-owned non-banking financial company in the power sector, has entered into an agreement with Germany’s KfW Development Bank.
The pact is for an official development assistance (ODA) term loan of $169.5 million (roughly Rs 1,275 crore) under the Indo-German Bilateral Partnership.
The ODA loan will be used to partially finance power generation projects based on revolutionary solar photovoltaic technology at competitive interest rates, according to a statement from the Navratna firm.
