IREDA enters into pact with TANGEDCO for renewable energy projects

IREDA on Monday said it has entered into a pact with TANGEDCO for providing technical expertise in developing of renewable energy projects and raising of funds.

The memorandum of understanding (MoU) was signed by IREDA Chairman and Managing Director (CMD) Pradip Kumar Das and TANGEDCO CMD Rajesh Lakhoni in the presence of Tamil Nadu Chief Minister M K Stalin.

In a statement, the Indian Renewable Energy Development Agency Ltd (IREDA) said "it has signed a MoU with the Tamil Nadu Generation & Distribution Corporation Limited (TANGEDCO), for providing its technical expertise in developing Renewable Energy projects and fund raising."

Under the MoU, IREDA will extend its technical expertise to TANGEDCO for renewable energy project development, bid process management, and implementation support.

IREDA will also assist TANGEDCO in debt raising through developing financial models, underwriting services for the proposed debt requirement, and conducting pre-market surveys and roadshows to generate interest amongst prospective investors.

IREDA CMD said: "The MoU highlights our continuous efforts for the development of renewable energy sector in line with Prime Minister's vision of Aatmanirbhar Bharat."

"It will facilitate knowledge sharing and provide consultancy services, which will contribute to driving sustainable development of the country. We look forward to extending our consultancy services to other state governments as well for the development of renewable energy sector," he added.

There are huge opportunities for the development of renewable energy in Tamil Nadu.

TANGEDCO is planning 20,000 MW of solar power projects, with adequate battery storage, 3,000 MW of pumped storage hydro electric project, and 2,000 MW of gas-based power plant for efficient renewable integration.