Indian lender cuts rates for RE projects

Power Finance Corporation cuts lending rates for renewable energy power plants by 50 basis points.

Chairman Satnam Singh said his company, India’s largest state lender to electricity utilities, has cut interest rates for all power projects by 25 basis points
.
“We’ve lowered our rates across the board but rates for alternative energy plants are lower still,” Singh said.

Power Finance has approved US$430 million for 611 megawatts of renewable capacity in the year ending March. It has lent a total US$998 billion to wind, solar and hydro projects.

India, which uses coal to produce over half of its 211 gigawatt electricity output, plans to spend US$300 billion on adding power capacity in the next five years.