IREDA disbursed the highest loan amount of Rs. 1,100 crore to a single promoter in one day
It was also the highest one-day deal for Vector Green Energy, for which senior management of the Mumbai-based renewable energy producer visited IREDA’s head office today and expressed gratitude. at IREDA.
New Delhi: Indian Renewable Energy Development Agency Ltd. (IREDA) recently disbursed a loan amount of Rs. 1,100 crore (approx.) To Vector Green Energy, setting a record for the highest disbursement to a single group in one day. It was also the highest one-day deal for Vector Green Energy, for which senior management of the Mumbai-based renewable energy producer visited IREDA’s head office today and expressed gratitude. at IREDA.
On this occasion, Shri Aditya Aggarwal, CEO of Global Infrastructure Partners Singapore (parent company of Vector Green Energy), and Shri Chintan Shah, Director (Technical), IREDA joined the ceremony via a virtual platform. Shri TC Pattabiraman, CFO, Shri Karunesh Chaturvedi, VP (Corporate Affairs), and Shri Ankur Saboo, Head-Project Finance, Vector Green Energy met Shri Pradip Kumar Das, CMD, IREDA, and their team personally and expressed their gratitude to IREDA to complete the whole process in about 45 days for the sanction of the loan of Rs. 1382 crores.
Shri Aditya Agrawal, CEO of Global Infrastructure Partners Singapore, pointed out that IREDA has left the private sector behind in its speed of work and corporate governance. The loan disbursement of Rs. 1,100 Crores (approx) was made by IREDA for six Vector Green solar power projects.
Shri Pradip Kumar Das, CMD, IREDA congratulated the employees of the company who worked hard to archive this milestone. Shri Das stressed that this is a matter of pride for all IREDANs. He also said that “the company is grateful to Vector Green for making IREDA their first choice. The borrower preferred IREDA because of the speed of processing loan penalties until disbursement with transparency and the most competitive interest rate. This is a further step to increase the ease of doing business and move forward in the mission of 5 times growth in the next 5 years for IREDA. The company is grateful to each of its business partners for the trust they place in IREDA.
CMD, IREDA further stated that “IREDA disbursed a loan amount of Rs. 8,827 crore in fiscal year 2020-21, which is the second highest in the history of the company. We have every confidence that IREDA will set a new record in the current fiscal year by achieving the highest loan disbursement. “
The debt was raised by Vector Green under a unique financing structure with attractive terms and the structuring resulted in the rating improvement from A to AA. As a result, Vector Green’s entire operating portfolio is now rated AAA or AA non-recourse, a feat unique among independent renewable energy producers in India.
Publication date : 08-10-21