IREDA and Bank of Maharashtra Join Forces to Power RE Projects in India
The MoU encompasses various services, including co-lending and co-origination support for all RE initiatives, loan syndication and underwriting processes, managing Trust and Retention Accounts for IREDA borrowers, and committing to fixing interest rates for IREDA's borrowing needs over a 3-4 year period.
September 19, 2023. By EI News Network
The MoU encompasses various services, including co-lending and co-origination support for all RE initiatives, loan syndication and underwriting processes, managing Trust and Retention Accounts for IREDA borrowers, and committing to fixing interest rates for IREDA's borrowing needs over a 3-4 year period. Additionally, the agreement allows the Bank of Maharashtra to invest in IREDA's Bonds in accordance with specified terms and conditions.
The MoU signing ceremony was attended by Bharat Singh Rajput, General Manager (Technical Services) from IREDA, and Rajesh Singh, General Manager (Retail & MSME Credit) from Bank of Maharashtra and also Pradip Kumar Das, Chairman and Managing Director of IREDA, alongside other senior officials from both organizations.
Speaking on the collaboration, IREDA CMD Shri Das said: "This MoU with Bank of Maharashtra is another significant step in our ongoing efforts to promote Renewable Energy adoption in India. By joining forces, we aim to provide a robust financial ecosystem for Green Energy projects, making clean and sustainable energy accessible to more communities and industries. The partnership underscores the importance of Financial Institutions and Government Agencies working together in line with country's goal to achieve India’s goal of Net Zero emissions by the year 2070, the target set by the Hon’ble Prime Minister.”
To address the substantial funding requirements of the renewable energy sector, which includes advance technologies like Green Hydrogen and Offshore Wind, IREDA has been proactive in signing MoUs with public sector banks and financial institutions, fostering collaboration for large-scale projects through co-lending arrangements.
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