New record: IREDA disburses highest loan amount to a single promoter in one day

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has recently disbursed a loan amount of Rs 1100 crores (Approx.) to Vector Green Energy, setting a record for the 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 the corporate office of IREDA on Friday and expressed their gratitude to the IREDA.

Vector Green Energy's CFO TC Pattabiraman, Vice President (Corporate Affairs) Karunesh Chaturvedi and Head (Project Finance) Ankur Saboo met IREDA's CMD Pradip Kumar Das and their team personally and expressed their gratitude to IREDA for completing the entire process in around 45 days for sanctioning of the loan of Rs 1,382 crore.

Global Infrastructure Partners Singapore's CEO Aditya Agrawal and IREDA's Director (Technical) Chintan Shah joined the ceremony through the virtual platform. Aditya said that 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.

Das congratulated employees of the company who have worked hard towards archiving this milestone. He underlined that it is a matter of pride for every IREDANs. He also said that "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 the 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 the coming 5 years for IREDA. The company is grateful to its every business partner for the trust they have placed in IREDA."

Das further said that "IREDA has disbursed loan amount of Rs 8,827 crores in financial year 2020-21, which is the second-highest in the company's history. We are quite confident that IREDA will create a new record in the present financial year by achieving the highest loan disbursement."

The debt has been raised by Vector Green under a unique financing structure with attractive terms and the structuring has resulted in the enhancement of rating from A to AA category. With this, Vector Green's entire operating portfolio is now rated either AAA or AA on a non-recourse basis, a unique feat amongst independent renewable power producers in India.

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