Indian Renewable Energy Development Agency (IREDA) has entered into a Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM) to promote and facilitate co-lending and loan syndication for a diverse range of Renewable Energy projects across India. This collaboration aims to create a robust financial ecosystem for Green Energy projects and make clean and sustainable energy accessible to more communities and industries.
The MoU, signed by IREDA’s General Manager (Technical Services) Bharat Singh Rajput and Bank of Maharashtra’s General Manager (Retail & MSME Credit) Rajesh Singh, marks a significant step towards achieving India’s goal of Net Zero emissions by 2070. The partnership emphasizes the importance of Financial Institutions and Government Agencies working together in line with the country’s renewable energy objectives.
The MoU encompasses various services, including co-lending and co-origination support for Renewable Energy projects, loan syndication, underwriting, management of Trust & Retention Account for IREDA borrowers, and the establishment of stable fixed interest rates for a period of 3-4 years for IREDA borrowings. These services aim to address the funding requirements of the renewable energy sector, including emerging technologies such as green hydrogen and offshore wind.
IREDA has been actively collaborating with public sector banks and financial institutions to facilitate co-lending for large-scale renewable energy projects. Through these partnerships, the agency aims to mobilize funds and accelerate the growth of the renewable energy sector in India.
Sources:
– IREDA Signs MoU with Bank of Maharashtra to Promote Renewable Energy Projects
– Indian Renewable Energy Development Agency (IREDA)
– Bank of Maharashtra (BoM)