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IREDA to extend techno-financial expertise to NEEPCO for green energy projects

IREDA has signed a memorandum of understanding (MoU) with NEEPCO for providing its techno-financial expertise in developing renewable energy projects and fund-raising
IREDA to extend techno-financial expertise to NEEPCO for green energy projects
IREDA to extend techno-financial expertise to NEEPCO for green energy projects

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) on Saturday said that it has signed a memorandum of understanding (MoU) with North Eastern Electric Power Corporation Limited (NEEPCO) for providing its techno-financial expertise in developing Renewable Energy projects and fundraising. Both the companies are PSUs under the Ministry of New & Renewable Energy and Ministry of Power respectively. 

The MoU has been signed by IREDA’s Chairman & Managing Director (CMD) Pradip Kumar Das and NEEPCO’s CMD Vinod Kumar Singh in the presence of IREDA’s Director (Technical) Chintan Shah, IREDA’s CFO Dr RC Sharma, NEEPCO’s Director (Personnel) Anil Kumar, NEEPCO’s Director (Technical) Hemanta Kumar Deka and other senior officials.

Under the MoU, IREDA will undertake techno-financial due diligence of renewable energy and energy efficiency and conservation projects for NEEPCO. IREDA will assist NEEPCO in developing an action plan to create and acquire renewable energy projects for the next five years. IREDA will also extend its techno-commercial expertise to NEEPCO for environmental & social (E&S) due diligence of renewable energy projects as per the internationally accepted E&S standards.

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IREDA CMD while singing the MoU said: “This MoU will support in contributing to achieving government’s target of reducing its carbon emission to 33 percent by 2030 in line with the commitment made by Prime Minister Narendra Modi in Paris. By signing the MoU, IREDA will continue to enhance the cooperation and coordination with NEEPCO, working together to promote further progress on Renewable Energy development and addressing climate change. IREDA and NEEPCO together can synergize competencies and contribute immensely to the benefit of energy transition in India.”

The MoU with NEEPCO is the fourth one signed by IREDA within one year. Earlier, IREDA has signed MoUs with SJVN, NHPC and TANGEDCO. The company is looking forward to extending its consultancy and advisory services to other PSUs as well as private organisations for the development of the renewable energy sector.

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