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Green boost! Dutch Development Bank FMO grants $30 million credit line to Srei Equipment Finance
Srei Equipment Finance Limited has received credit approval for $30 million from FMO, a Netherlands based Development Finance Bank.
Srei Equipment Finance Limited — a wholly-owned subsidiary of Srei Infrastructure Finance Limited — has received credit approval for $30 million from FMO, a Netherlands based Development Finance Bank. The loan will be fully dedicated to re-financing of green activities of Srei Equipment, primarily through the financing or leasing of equipment used for solar and wind projects. Srei Equipment already has an environmental and social management system in place for over a decade, and this debt investment by FMO will further help the company to amplify its ongoing efforts towards responsible financing.
Commenting on this occasion, Devendra Kumar Vyas, Managing Director at Srei Equipment Finance Limited said, "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.”
Srei is an industry leader in construction and mining equipment financing. Srei Equipment has an experienced management team having significant expertise in the financial services sector. 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 per cent 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.
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