IREDA well-positioned to fund large-scale RE development, says Das
Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) aimed at advancing renewable energy initiatives across the nation.
The agreement, signed in New Delhi on 19 Feb 2024, paves the way for joint efforts in co-lending and loan syndication for a diverse spectrum of renewable energy projects.
The MoU comprises various provisions aimed at enhancing support for renewable energy projects. These include joint lending, loan syndication and underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and working towards competitive terms of sanction, including pricing on IREDA borrowings.
Through the collaboration, IREDA and PNB can also invest in bonds issued by either organization, Ministry of New and Renewables Energy said.
Expressing his views on the collaboration, IREDA CMD Pradip Kumar Das remarked, “This strategic partnership between IREDA and PNB marks a significant step in our commitment to accelerate the growth of renewable energy in the country.
“By combining our strengths and resources, we aim to provide robust financial support to a diverse range of Renewable Energy projects, fostering sustainability and environmental awareness.
“Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund large-scale renewable energy projects.”
This collaboration strengthens IREDA’s successful partnerships with other prominent financial institutions, including Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank.
These MoUs similarly focus on co-lending and loan syndication for a wide range of Renewable Energy projects across the country.
The MoU was signed by General Manager of IREDA Dr. R. C. Sharma, and Chief General Manager of PNB Rajeeva, in the presence of Chairman & Managing Director of IREDA Pradip Kumar Das, MD & CEO of PNB Atul Kumar Goel, Director (Finance) of IREDA Dr. Bijay Kumar Mohanty, and other senior officials from both organizations (see picture). Fiinews.com