This cooperation will allow the IFC to normalize the process of lending money for projects like this in the future. "The ultimate aim is to make local currency financing available in shorter time frames and reduce financing costs for lenders and borrowers" IFC said in a press release.
IREEDA will use this partnership to finance projects that will create 175 gigawatts of renewable energy over the next seven years.
This new partnership hopes to be able to provide speedy funding to renewable energy projects across India and be an example for other international organizations.
Do you think that the IFC is providing a good example for other international organizations to follow or should governments be taking a stronger stance in funding their own national renewable energy project?