India, March 28 -- Indian Renewable Energy Development Agency Limited (IREDA) has signed a Facility Agreement with the Tokyo branch of State Bank of India (SBI) to raise an External Commercial Borrowing (ECB) of JPY 26 billion, including a Green Shoe Option of JPY 10 billion.
The five-year unsecured loan, with a bullet payment at maturity, is expected to enhance IREDA's presence in global financial markets. The effective cost after hedging is anticipated to remain below 7%, making it more competitive than similar-tenure loans in the domestic market.
Commenting on the development, Shri Pradip Kumar Das, Chairman and Managing Director of IREDA, said, "This agreement will help us diversify our funding sources and optimize borrowing costs, fu...