New Delhi, January 19, 2024 In a significant move to bolster the growth of renewable energy projects across India, the Indian Renewable Energy Development Agency Ltd. (IREDA) has entered into a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB). The agreement, signed on January 16, 2024, at IREDA’s Business Centre in New Delhi, lays the foundation for collaborative efforts in co-lending and loan syndication for a diverse array of renewable energy projects.
The MoU encompasses various services, including co-lending and co-origination support for all renewable energy projects. It aims to streamline loan syndication and underwriting processes, manage Trust and Retention Accounts (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3–4-year period for IREDA borrowings.
The signing ceremony was attended by Shri Pradip Kumar Das, Chairman & Managing Director of IREDA; Shri Ajay Kumar Srivastava, MD & CEO of IOB; Dr. Bijay Kumar Mohanty, Director (Finance), IREDA; Dr. R. C. Sharma, General Manager, IREDA; and Shri Anil Kumar, Chief Regional Manager, IOB.
Chairman & Managing Director of IREDA, Shri Pradip Kumar Das, commented on the strategic partnership, stating that it marks a significant step in their commitment to accelerating the growth of renewable energy in the country. The collaboration aims to provide robust financial support to a diverse range of renewable energy projects, aligning with the ambitious goal of achieving 500 GW Non-Fossil-based electricity generation capacity by 2030, as announced by the Hon’ble Prime Minister during COP26.
This collaboration builds upon IREDA’s successful partnerships with other leading financial institutions, including Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, and Bank of Maharashtra. These partnerships similarly focus on co-lending and loan syndication to support a wide range of renewable energy projects across India.
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