New Delhi: The Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with the Indian Overseas Bank for co-lending and loan syndication in financing renewable energy projects across the nation, the Ministry for New and Renewable Energy announced on Thursday.
The partnership aims to streamline loan syndication and underwriting processes, management of trust and retention account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3 to 4-year period for IREDA borrowings.
IREDA chairman Pradip Kumar Das on Thursday said: “This strategic partnership 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, aligning with the Prime Minister’s COP26 announcement of achieving a 500 GW Non-Fossil-based electricity generation capacity by 2030.”
This collaboration with Indian Overseas Bank builds upon IREDA’s successful partnerships with other prominent financial institutions, including Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited and Bank of Maharashtra, Das said.
(IANS)