FMO Grants Rs 208 Cr to Srei Equipment For Refinancing Green Projects

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Srei Equipment has received credit approval for Rs 208 crore from FMO.

The industry leader in construction and mining equipment financing, Srei Equipment Finance Limited, a wholly-owned subsidiary of Srei Infrastructure Finance Limited has received credit approval for USD 30 million (Rs 208 crore) from FMO, a Netherlands based Development Finance Bank.

According to Srei, the loan will be fully dedicated to re-financing of green activities of the company, primarily through the financing or leasing of equipment used for solar and wind projects.

Devendra Kumar Vyas, Managing Director, Srei Equipment, 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.”

The Delhi-based firm 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.

“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 percent 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,” the company issued in a statement.

Recently, we reported that Venture Capitalist fund, Alfa Ventures has invested in Noida-based startup, Skilancer Solar. The VC fund has, however, did not disclose the amount that it had invested in the startup that primarily works in artificial intelligence-powered autonomous robot for cleaning of solar panels. The investment is expected to be used to scale up the firms’ operations and market presence.