Indian Renewable Energy Development Agency Limited (IREDA) has secured a loan of 26 billion Japanese Yen from SBI Tokyo, with an option to raise an additional 10 billion Japanese Yen if required.
The loan has a five-year term and does not require any collateral. IREDA will repay the full amount in a single payment at the end of the tenure. The company stated in a stock exchange filing that this funding will support its global expansion efforts.
IREDA also mentioned that after hedging, the effective interest rate will be below 7 percent, making it a more cost-effective borrowing option compared to similar loans in India.
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