IREDA and Indian Overseas Bank Join Forces to Boost RE Growth
The two entities signed a Memorandum of Understanding (MoU) at IREDA's Business Centre in New Delhi.
January 19, 2024. By Abha Rustagi
The two entities signed a Memorandum of Understanding (MoU) at IREDA's Business Centre in New Delhi, paving the way for joint efforts in co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation.
The MoU encompasses various services, including provisions for co-lending and co-origination support for all renewable energy projects. The partnership aims to streamline loan syndication and underwriting processes, manage Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3–4-year period for IREDA borrowings.
Dr. R.C. Sharma, General Manager at IREDA, and Anil Kumar, Chief Regional Manager at IOB, inked the agreement in the presence of Pradip Kumar Das, Chairman and Managing Director of IREDA; Ajay Kumar Srivastava, MD and CEO of IOB; and Dr. Bijay Kumar Mohanty, Director (Finance) at IREDA.
Commenting on the strategic partnership, Pradip Kumar Das, CMD of IREDA, highlighted its significance in accelerating the growth of renewable energy in the country. "By combining our strengths and resources, we aim to provide robust financial support to a diverse range of renewable energy projects, fostering sustainability and environmental awareness," he stated.
The collaboration aligns with the Prime Minister’s COP26 announcement of achieving a 500 GW Non-Fossil-based electricity generation capacity by 2030.
This collaboration adds to IREDA's successful partnerships with other prominent financial institutions, including Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, and Bank of Maharashtra.
Similar MoUs with these institutions focus on co-lending and loan syndication for a wide range of renewable energy projects across the country.
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