New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has signed a memorandum of understanding (MoU) with the Bank of India (BoI) for co-lending, co-origination, and loan syndication for renewable energy projects on Monday.

The MoU has been signed at the Bank of India headquarters in Mumbai in the distinguished presence of IREDA's CMD Pradip Kumar Das and Bank of India's MD & CEO Atanu Kumar Das by IREDA's General Manager & CFO Dr RC Sharma and Bank of India's General Manager Vasu Dev.

The MoU will empower IREDA and Bank of India to co-lend and co-originate for renewable energy projects including small-hydro and ethanol projects. Both organisations will also strive to fix interest rates for IREDA borrowings for a period of three to four years.

IREDA CMD expressed his happiness about the collaboration and said, "Bank of India has a vast network throughout the nation with thousands of branches. This partnership aims to expand our outreach, particularly in tier-2 & tier-3 cities and rural areas and offer distinctive and innovative financial support to our customers. We remain confident that by working together, we will leverage our strengths and continue to serve our customers in line with the Prime Minister Narendra Modi's vision of Atmanirbhar Bharat and a clean and green India," he added.

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