KfW earmarks Euro 800mn to fund renewable energy projects

Written by: Pti
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Mumbai, Feb 20 (PTI) The German Government-owneddevelopment bank KfW plans to earmark another Euro 800 millionin this calender year to fund various projects under therenewable energy sector in India.

"We have already financed around Euro 1.5-billion inthe energy sector in India. In addition to this, we plan toearmark another Euro 800 million to fund the green initiativesof India in this year (CY 11)," KfW Director Oskar von Maltzantold PTI on the sidelines of Renewtech India Summit'' here.

The German Government is focusing on promotinginvestments in energy efficiency and renewable energy projectsin India by providing sustainable financing through variousagencies, he said.

"We finance those Government agencies which eitherimplement renewable energy projects or lend funds to privateor public investors."

KfW has provided funds to state-run power generatingcompanies such as North Eastern Electric Power Corporation(NEEPCO) and NTPC for undertaking hydro and solar thermal-based projects respectively.

Power Finance Corp, SIDBI, Indian Renewable EnergyDevelopment Agency (IREDA), REC and India InfrastructureFinance Company (IIFCL) are some of the entities being fundedby the German bank.

KfW recently signed a loan agreement of around Euro 52million with National Housing Bank (NHB) to promote energyefficiency projects in the residential space, Maltzan said.

The foreign lender has also funded Energy EfficiencyServices (EESL), which provides consultancy in energy savingappliances, buildings and turnkey projects. (more) PTI PSK IASAP RSY

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