MoU signed between IREDA and US Exim Bank with respect to Cooperation on Clean Energy Investment

On November 28, 2014 a Memorandum of Understanding has been signed between Indian Renewable Energy Development Agency Ltd. (IREDA) and US Exim Bank with respect to cooperation on clean energy investment. The Objective of the Agreement is to establish a framework for cooperation in the financing of creditworthy entities for renewable energy projects and to facilitate the export of goods and services of U.S. origin or manufacture in India and various forms of collaboration between the IREDA & US-Exim Bank. The Agreement also provides that US Exim Bank shall provide US $ 1 Billion medium and long-term loans to finance U.S. technologies, products and services utilized during commercial development activities within the clean energy sector by IREDA. The credit facility will be available for a repayment period of 18 years with the same fixed rate of interest. The priority areas of clean energy investment cooperation under this MoU are:  Solar (utility scale PV and CSP including solar tower); Wind; Hydro and any other Renewable Energy projects; Waste-to-Energy etc.