IREDA ropes in Union Bank, BoB to co-finance renewable energy projects

State-owned IREDA has partnered with public sector lenders Union Bank of India and Bank of Baroda to co-finance renewable energy projects.

Under the Ministry of New and Renewable Energy, IREDA is a non-banking financial institution engaged in extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.

In a statement on Tuesday, the Indian Renewable Energy Development Agency Ltd (IREDA) said it has signed Memorandum of Understanding (MoU) with Union Bank of India (UBI) and Bank of Baroda (BoB).

These agreements will facilitate co-lending and loan syndication for a wide range of renewable energy projects, IREDA said.

IREDA General Manager (Technical Services) and Dhirendra Jain, General Manager (Large Corporate Vertical) of UBI signed the MoU in presence of IREDA CMD Pradip Kumar Das and A Manimekhalai, Managing Director & CEO of Union Bank of India.

While Bharat Singh Rajput of IREDA and Dhiren Lalai, General Manager, BoB signed the MoU in presence of IREDA CMD and Debadatta Chand, MD & CEO of Bank of Baroda.

The collaboration aims to extend reach, particularly in tier-2 and tier-3 cities and rural areas, enabling IREDA to provide unique and innovative financial support to existing and new customers, Das said.