Ireda partners with banks to boost renewable energy projects in India

Agreements with Union Bank of India and Bank of Baroda set to empower renewable energy projects

To accelerate the growth of renewable energy (RE) in India, the Indian Renewable Energy Development Agency Ltd (Ireda) signed memorandums of understanding (MoUs) with the Union Bank of India (UBI) and Bank of Baroda (BoB) on Tuesday. As part of the agreement, Ireda and the respective banks will focus on co-lending and loan syndication for a broad spectrum of renewable energy projects, encompassing both established and emerging RE technologies.

 

This collaboration aims to extend especially in tier-2 & tier-3 cities and rural areas. With both banks already having an extensive reach across the country, the partnership aims to offer "unique and innovative financial support to existing and new customers."

 

Ireda signed an MoU with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects.

 

All this is part of Ireda's plans to support the Centre's target of achieving 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.

 

At the MoU signing, Pradip Kumar Das, CMD of Ireda stated, "We are confident that by combining our strengths and resources, we will continue to serve our customers in alignment with the vision of the Prime Minister for Atmanirbhar Bharat (self-reliant India) and sustainable growth."

 

The formal signing of the MoU with Union Bank of India was conducted by Bharat Singh Rajput, general manager (technical services) of Ireda, and  Dhirendra Jain, general manager (large corporate vertical) of UBI. The ceremony witnessed the presence of Ireda's chairman and managing director, Pradip Kumar Das, as well as A Manimekhalai, managing director & CEO of UBI, along with other senior officials.

 

Similarly, the MoU with Bank of Baroda was executed by Bharat Singh Rajput, general manager (technical services) of IREDA, and Dhiren Lalai, general manager of BoB. Ireda's CMD and Debadatta Chand, MD & CEO of BoB, along with Executive Director Lalit Tyagi, along with senior officials of BoB, including Head-Large Corporate Relationships, Sumit Sachdeva, and head – credit, Manoj Chayani, were also present.