Power Finance Corporation Ltd. (PFC, New Delhi, India) has reduced interest rates by 0.50% for renewable energy projects that are within the purview of the nation's Ministry of New and Renewable Energy (MNRE).

The new rates take effect for all new disbursements and resets made on or after February 1st, 2013. The rate reduction follows on a Climate Policy Initiative (CPI, San Francisco, California, US) report released in December 2012 which found that high interest rates and relatively short loan terms are barriers to the development of the Indian solar market.

PFC reports approving INR 23.1 billion (USD 426 million) in financing for 611 MW or renewable energy for the year ending in March, as part of a total of INR 53.7 billion (USD 990 million) lent to wind, solar and hydroelectric projects to date.

2013-02-19 | Courtesy: PFC; Image: MNRE | solarserver.com © Heindl Server GmbH

Our editorial selection of breaking solar news is published at:
www.solarserver.com/solar-magazine/solar-news/top-solar-news.html