New Delhi: The power ministry stated today that state-owned non-banking financial companies (NBFCs), Power Finance Corporation (PFC), and REC Limited (REC) have significantly decreased their lending rates across all types of loans by 40 basis points.

The rates have been reduced to as low as 8.25 percent to help Renewable Energy, which requires long-term finance, according to a statement from the Ministry of Power.

"Continued reductions in lending rates by REC and PFC will enable power utilities to borrow at competitive rates and invest in developing the power sector infrastructure, ultimately benefiting consumers through reliable and low-cost power," said R K Singh, minister of power and renewable energy.

Both companies have decreased lending rates by 3 percent in the last year in order to remain competitive. As part of initiatives to support renewable energy projects that require long-term funding, the rates have been decreased to 8.25 percent.

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