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Business EconomyPosted at: Jul 7 2020 6:41PM


L&T Infrastructure Finance closes $ 100 million ECB from AIIB for Renewable Energy Finance

Kolkata, Jul 7 (UNI) L&T Infrastructure Finance Company Ltd. (LTIF), the wholly owned
subsidiary of L&T Finance Holdings Ltd, has received the first tranche of $ 50 million of
the total $ 100 million ECB loan from Asian Infrastructure Investment Bank (AIIB), a
multilateral development bank that invests in sustainable infrastructure.
This development marks AIIB’s first loan to a non-banking financial company (NBFC)
in India.
The loan proceeds will be used to on-lend to large and mid-scale wind and solar power
infrastructure projects in India. LTIF’s collaboration with AIIB will also help the company
bolster its environmental and social capabilities, which will enable it to tap the international
market for green finance, in the future.
The proposed financing supports AIIB's Sustainable Energy for Asia Strategy and
Strategy on Mobilizing Private Capital for Infrastructure.
L&T Infrastructure Finance is a leading arranger and financier of renewable energy in
India.With the closure of this financing deal with AIIB, LTIF has further diversified its
long-term funding sources.
Dinanath Dubhashi, Managing Director & CEO, L&T Finance Holdings, said,
“Investments from an organization like AIIB, that follows a stringent due diligence
process of the company’s capacity, viability, past performance and regulatory
compliances, before any investments, reiterates our commitment to green project
financing.Our lending to clean energy goes beyond the actual book and we have
today built an ecosystem for all stakeholders to be a part of the green energy
initiative. We firmly believe that renewable power holds great potential in fighting
the dual challenge of climate change and the ever-growing demand for energy.”
LTIF has initiated the establishment of an Environment & Social Monitoring
System that will be expanded to include screening, categorizing, appraisal,
contracting and monitoring of subprojects supported by AIIB in accordance with
the AIIB Environmental and Social Standards (ESS).
UNI SJC BM
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Tags: #L&T Infrastructure Finance closes $ 100 million ECB from AIIB for Renewable Energy Finance
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