Yes Bank, IREDA join hands to push green power

Country's fifth-largest private lender Yes Bank today signed an agreement with the Indian Renewable Energy Development Agency (IREDA) to foster renewable energy (RE) development in India.
The MoU will boost green energy financing and help forge a close partnership between both institutions to create a supporting framework for funding of renewable energy and energy-efficient projects, Yes Bank said in a statement.
The bank will also support initiatives of IREDA in development of these critical sectors, it added.
The pact was signed today at the ongoing Make in India Week here.
"Our partnership with IREDA is a significant joint effort towards actualising the government's mission of 175 GW of clean energy by 2022. This MoU will strengthen our efforts towards meeting our COP-21 commitment of mobilising USD 5 billion for climate action by 2020," Yes Bank MD and CEO Rana Kapoor said.

IREDA CMD S K Popli said, "IREDA is committed to developing innovative financing mechanisms and promoting self-sustaining investments towards renewable energy projects. This MoU and partnership with Yes Bank, which has been pioneering green infra financing in India, will further cement our efforts towards ensuring that India addresses its power needs in a sustainable fashion.