Business Line reported that India Infrastructure Finance Company Ltd awaits final nod to launch the credit enhancement scheme next month. It is also seeking a bigger role in lending to the country's renewable energy sector.
Mr Harsh Kumar Bhanwala executive director of IIFCL said that the Government promoted corporations hopes to get the nod for the scheme which will give infrastructure sector a boost and make finance easily available.
Mr Bhanwala said that the infrastructure sector needs a much diversified portfolio of services and schemes such as credit enhancement scheme, debt funding and take out finance.
Under the take out finance, IIFCL has already sanctioned over INR 6,500 crore. IIFCL has thus far sanctioned INR 25,000 crore and expects to cross the INR 30,000 mark soon.
He said that the country's renewable sector is poised for rapid growth and there is a need to offer funding for entrepreneurs setting up new projects in the solar and wind power sector.
IIFCL has a USD 50 million arrangement with German lending agency KFW whose mandate is to focus only on renewable energy sector.
He added that "Apart from this, we will also look at additional funding to offer to the solar energy sector. Most of the developers are in the process of finalizing plans for setting up projects under the National Solar Mission."