NLC India Limited (NLCIL) has entered into a EUR 100 million (EUR 100 mn) loan agreement with KfW Development Bank (KfW) to support the development of solar power generation and battery energy storage systems (BESS). The agreement was executed at the KfW office in New Delhi on 20 April 2026 and involved senior officials from both institutions attending in person and via video conference. The funding is intended to strengthen NLCIL's renewable energy portfolio and enhance grid reliability while enabling access to capital at competitive rates.

NLCIL said the financing aligns with its target to scale renewable capacity to 10 gigawatts by 2030 and to add around eight gigawatts by 2028. The company started the year with around 1,400 megawatt (MW) of renewable capacity, has added 300 MW and plans to add a further 300 MW during the financial year, which would make it about a two gigawatt (GW) company by year end. NLCIL also reported a joint venture with the Rajasthan government to deliver two gigawatts of additional capacity.

The loan agreement was signed on behalf of KfW by its directors and was witnessed by KfW officials from the New Delhi office. NLCIL representation at the ceremony included the chairman and managing director M. Prasanna Kumar, the director of finance and other senior executives, with formal execution undertaken by the deputy general manager and the chief financial officer of the project executing agency. The collaboration was presented as a strategic step in support of India’s clean energy transition and decarbonisation objectives.

The financing is expected to accelerate deployment of utility scale solar projects and associated BESS, supporting system integration and reliability as variable renewable generation increases. By diversifying its borrowing portfolio and accessing concessional capital, NLCIL aims to reduce financing costs for its expansion plans. The partnership with KfW was described as reinforcing efforts to mobilise international finance for India’s clean energy agenda.