IREDA Disburses Rs 1100 Cr Loan to Vector Green Energy

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The amount of loan disbursed is a record set by IREDA. It is the highest loan amount disbursed to a single promoter in one day

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

“IREDA has left behind the private sector in its working speed and corporate governance. The loan disbursement of Rs. 1100 Crores (Approx.) was done by IREDA for six Solar energy operating projects of Vector Green,” said Aditya Agrawal, CEO, Global Infrastructure Partners Singapore. Global Infrastructure is the parent company of Vector Green Energy.

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.

“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 most competitive interest rate. This is another step in boosting ease of doing business and moving ahead in the mission of 5 times growth in coming 5 years for IREDA. The company is grateful to its every business partner for the trust they have placed in IREDA,” said Pradip Kumar Das, CMD, IREDA.

Vector Green has a 652 MW portfolio of solar and wind power projects in India including 19 ground-mounted utility-scale projects and 89 rooftop solar projects across seven states. An additional 90 MW of solar projects are under implementation by Vector Greem in the state of Gujarat. The company had acquired a part of Rattan India’s solar portfolio in 2019, which had added 275 MW to its portfolio.

IREDA has disbursed loan amount of Rs 8827 crores in Financial Year 2020-21, which is the second highest in the company’s history.

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