IREDA Lends 1100 Crores To Vector Green Energy

Indian Renewable Energy Development Agency Ltd. (IREDA) has disbursed loan amount of Rs. 1100 Crores (Approx.) to Vector Green Energy, setting a record for highest disbursement to a single Group in one day.

It was also highest single day transaction for Vector Green Energy, for which top management of the Mumbai-based renewable power producer visited Corporate office of IREDA and expressed their gratitude to the IREDA.

IREDA has completed the whole process in about 45 days for the sanction of the loan of Rs. 1382 crores, said the statement.

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 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, said Das.

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.”