New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) will provide technical expertise in developing renewable energy projects and fundraising to Tamil Nadu Generation & Distribution Corporation Limited (TANGEDCO). On Monday both the organisations signed a memorandum of understanding (MoU) for the same.
Under this MoU, IREDA will extend its technical expertise to TANGEDCO for renewable energy project development, bid process management, and implementation support. IREDA will also assist TANGEDCO in debt raising through developing financial models, assistance in the understanding market instrument, underwriting services for the proposed debt requirement, and conducting pre-market surveys, roadshows to generate interest amongst prospective investors.
The MoU has been signed by IREDA’s Chairman & Managing Director (CMD) Pradip Kumar Das and TANGEDCO’s CMD Rajesh Lakhoni in presence of Chief Minister of Tamil Nadu MK Stalin, Minister for Electricity, Prohibition and Excise, Govt. of Tamil Nadu V Senthil Balaji, Chief Secretary of Tamil Nadu V Irai Anbu, Energy Secretary of Tamil Nadu Dharmendra Pratap Yadav, IREDA’s Director (Technical) Chintan Shah, TANGEDCO’s Director (Finance) K Sundaravadhanam and other dignitaries.
Speaking on the occasion, Das said “The MoU highlights IREDA’s continuous efforts for the development of Renewable Energy sector in line with Hon’ble Prime Minister’s vision of Aatmanirbhar Bharat. This is a transformational opportunity for IREDA and TANGEDCO to achieve perfect synergy between the two organizations. It will facilitate knowledge sharing and provide consultancy services, which will contribute to driving the sustainable development of the country. We look forward to extending our consultancy services to other State Govt. as well for the development of Renewable Energy sector.”
It is understood that there are huge opportunities for the development of renewable energy in Tamil Nadu. Accordingly, TANGEDCO is planning for 20,000 MW of Solar Power Project, with adequate Battery Storage, 3,000 MW of Pumped Storage Hydro Electric Project, and 2,000 MW of Gas Based Power Plant for efficient Renewable integration. The estimated loan required for the above projects is about Rs.1,32,500 Crores (approx.). IREDA, as the largest lender of the renewable energy sector, is committed to playing an important role in the fulfilment of the financial requirements for renewable energy projects.
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