Karnataka - Bangalore   

KREDL signs pact with PFC

Bangalore: Karnataka Renewable Development Ltd. (KREDL) on Tuesday entered into a memorandum of understanding with the Power Finance Corporation (PFC) to arrange loans for promoters of the renewable energy projects in the State.

The MoU was signed by KREDL Managing Director B. Shivalingaiah and PFC Director M.K. Goel.

The PFC will take care of 50 per cent of the loan requirements of project promoters.

It will also make arrangements with a consortium of banks and financial institutions to provide another 25 to 30 per cent of the promoters’ requirements.

The promoters will have to come up with the remainder. — Special Correspondent

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