FMO Approves $30MM Loan for Srei Equipment Finance
JUN 21, 2019 - 6:43 am
Srei Equipment Finance, a wholly-owned subsidiary of Srei Infrastructure Finance, received credit approval for $30 million from FMO, a Netherlands-based development finance bank.
The loan will be fully dedicated to re-financing the green activities of Srei Equipment, primarily through the financing or leasing of equipment used for solar and wind projects.
Srei Equipment has had an environmental and social management system in place for over a decade, and this debt investment by FMO will further help the company amplify its ongoing efforts towards responsible financing.
Devendra Kumar Vyas, managing director of Srei Equipment Finance, commented, “Renewable energy technologies are clean sources of energy that have a much lower environmental impact than conventional energy technologies. Therefore, for the sake of a sustainable future, we need to consciously make an effort to invest in such environment friendly measures. This transaction reaffirms our dedication towards building a sustainable future.”
The Ministry of New and Renewable Energy (MNRE) in India has set an ambitious target to set up renewable energy capacities to the tune of 225 GW by 2022. The installed renewable power generation capacity in India has also increased at a fast pace over the past few years, posting a CAGR of 19.78% between FY14–18. This partnership with FMO will allow Srei Equipment to augment its participation in this high growth segment and contribute to the growth of the nation.
Srei Equipment Finance is an industry leader in construction and mining equipment financing, with an experienced management team with significant expertise in the financial services sector.
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