Addressing the lack of long-term lending for renewable energy
“Despite significant growth over the past few years, India’s renewable energy sector remains underserved, primarily due to the inability of financial institutions to offer long-term lending,” OPIC recently explained in a blog post for the U.S. Commerce Department.
The post discusses OPIC’s recent approval of $250 million in financing to help India’s Infrastructure Development Finance Corp. (IDFC) expand lending for renewable energy projects, including solar, wind and energy efficiency as well as for infrastructures.
The lack of long-term funding options, especially given current financial market conditions, has made bi-lateral and multi-lateral support much more critical.
U.S. Commerce Secretary John Bryson (pictured) said during a recent speech in Mumbai, that the OPIC deal would help meet an important need for more long-term capital to support India’s growing renewable energy sector.
Read the whole post here.