IREDA joins hands with these banks for co-financing of RE projects

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has taken a significant step towards accelerating the growth of renewable energy in India by signing the memorandums of understanding (MoUs) with Union Bank of India and Bank of Baroda. These agreements will facilitate co-lending and loan syndication for a wide range of renewable energy projects.

The MoU with Union Bank of India was formally inked by IREDA's General Manager (Technical Services) Bharat Singh Rajput and UBI's General Manager (Large Corporate Vertical) Dhirendra Jain. The signing ceremony was graced by the presence of IREDA's Chairman and Managing Director Pradip Kumar Das, UBI's Managing Director & CEO A Manimekhalai and other senior officials.

Additionally, the MoU with Bank of Baroda was executed by IREDA's Bharat Singh Rajput and BoB's General Manager Dhiren Lalai. The signing ceremony witnessed the presence of IREDA CMD, BoB's MD & CEO Debadatta Chand along with Executive Director Lalit Tyagi. Other senior officials of BoB Sumit Sachdeva, Head-Large Corporate Relationships and Manoj Chayani, Head, Credit were also present at the occasion.

These MoUs will empower IREDA, UBI, and BoB to collaborate in co-lending for renewable energy projects, including both established and emerging RE technologies.

Expressing his happiness about these partnerships, IREDA CMD said, "Both Union Bank of India and Bank of Baroda have an extensive nationwide presence with a vast network of branches. This collaboration aims to extend our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers. We are confident that by combining our strengths and resources, we will continue to serve our customers in alignment with the vision of the Prime Minister for Atmanirbhar Bharat and sustainable growth."

In recent years, IREDA has been actively encouraging partnerships with various Central and State agencies as well as financial institutions to leverage its techno-financial expertise for the development of the renewable energy sector.

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