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OPIC to Consider $250 Million Loan for India Renewable Projects

March 22 (Bloomberg) -- The U.S. Overseas Private Investment Corp. will meet next week to consider a $250 million loan to Infrastructure Development Finance Co., India’s second-largest lender to power plants and roads, to finance clean-energy projects.

OPIC’s board plans to meet on March 29 to make a decision on the loan, Timothy Harwood, spokesman for the Washington-based government investment agency, said in an e-mail to Bloomberg News.

The loan would allow IDFC to finance more renewable-energy and energy-efficiency projects that are suffering from a “large gap” in private funding because “foreign capital has declined and domestic capital is not adequate to meet demand,” according to a copy of the loan proposal posted on OPIC’s website.

IDFC would have to obtain prior approval from OPIC before funding wind farms, according to the proposal.

Mumbai-based IDFC has stopped approving new loans for coal power projects in India, which are facing delays and fuel-supply risks, and is focusing on clean energy, Pradeep Singh, managing director of its project finance unit, said in February.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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