IREDA joins hands with BVFCL for green energy collaborations

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has signed a memorandum of understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Limited (BVFCL) on Tuesday for providing its techno-financial expertise in developing renewable energy projects and fundraising. The two companies are PSUs under the Ministry of New & Renewable Energy and the Ministry of Chemicals & Fertilizers respectively.

The MoU has been signed by IREDA's Chairman & Managing Director (CMD) Pradip Kumar Das IREDA and BVFCL CMD Dr Siba Prasad Mohanty in the presence of IREDA's (Technical) Chintan Shah, IREDA's CFO Dr RC Sharma and other senior officials.

Under the MoU, IREDA will undertake techno-financial due diligence of renewable energy, green hydrogen, green ammonia, energy efficiency and conservation projects for BVFCL. IREDA will assist BVFCL in developing an action plan to create and acquire renewable energy projects for the next five years.

IREDA CMD while singing the MoU said that IREDA believes this collaboration will inspire other companies of the chemical and fertilizer sector like BVFCL to cut carbon emissions and be environment friendly. It is a way forward for IREDA to play a key role in the development of North-East India through green energy. He further underlined that this MoU will support in contributing to achieving the government's target of reducing its carbon emission to 45 percent by 2030 in line with the commitment made by Prime Minister Narendra Modi in CoP 26.

Recently, the Ministry of New and Renewable Energy has announced that the country's total installed renewable energy capacity, including hydro, crossed 150 gigawatts and out of 150 GW, IREDA has supported more than 19 GW RE installation in the country.

The MoU with BVFCL is the fifth one signed by IREDA within one year. Earlier, IREDA has signed MoUs with SJVN, NHPC, TANGEDCO and NEEPCO to extend its Techno-Financial expertise for Green Energy projects.

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