L&T Infrastructure Finance Company Ltd. (LTIF), a wholly owned subsidiary of L&T Finance Holdings Ltd., has received the first tranche of $50 million of the total $100 million ECB loan from Asian Infrastructure Investment Bank (AIIB), the company said in a statement.

“This development marks AIIB’s first loan to a non-banking financial company (NBFC) in India,” the company added. The loan proceeds will be used to on-lend to large and mid-scale wind and solar power infrastructure projects in India. L&T Infrastructure Finance is a leading arranger and financier of renewable energy in India. With the closure of this financing deal with AIIB, LTIF said it had further diversified its long-term funding sources.

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