New Delhi, February 1: The Indian Renewable Energy Development Agency (IREDA) and Rewa Ultra Mega Solar Limited (RUMSL) have signed a sub-loan agreement for financing the shared infrastructure of two solar power projects in Madhya Pradesh.
The development is a part of the project laid by Ministry of New and Renewable Energy, the World Bank and IREDA that have worked out a proposal to channelize US$ 100 Million for creating common infrastructure for ultra-mega solar parks in India to achieve the 100 GW solar capacity addition target by 2022.
The broad terms and condition of the agreement include fixed interest rate of 8.5% p.a. for entire loan tenure, suspension from principal repayments upto 5 years and loan repayment period of upto 20 years.