Delhi , India : The Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have forged a partnership by signing a Memorandum of Understanding (MoU) with the objective of promoting renewable energy projects throughout the country. This agreement, signed at IREDA’s Registered Office in New Delhi, sets the stage for collaborative efforts in co-lending and loan syndication for a wide range of renewable energy projects.
- Dr. R. C. Sharma, General Manager of IREDA, and Shri Rajeeva, Chief General Manager of PNB, officially signed the MoU in the presence of esteemed dignitaries including Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, Shri Atul Kumar Goel, MD & CEO of PNB, and Dr. Bijay Kumar Mohanty, Director (Finance) of IREDA. Senior officials from both organizations also attended the signing ceremony.
- Sharing his perspective on this crucial collaboration, Shri Pradip Kumar Das, CMD of IREDA, expressed, “This strategic partnership between IREDA and PNB represents a significant stride in our commitment to accelerating the growth of renewable energy in the country. By leveraging our collective strengths and resources, our objective is to provide robust financial support to a diverse array of Renewable Energy projects, thereby promoting sustainability and environmental consciousness. Through this MoU and our pre-existing agreements with other prominent financial institutions, IREDA is well-equipped to fund large-scale renewable energy initiatives, aligning with the Hon’ble Prime Minister’s COP26 announcement to achieve a 500 GW Non-Fossil-based electricity generation capacity by 2030.”
- The MoU encompasses several provisions aimed at bolstering support for Renewable Energy projects. These provisions include joint lending, loan syndication, and underwriting, as well as the management of Trust and Retention Account (TRA) for IREDA borrowers. Additionally, efforts will be directed towards establishing competitive terms of sanction, including pricing on IREDA borrowings. Furthermore, both IREDA and PNB have the opportunity to invest in the Bonds issued by either organization through this collaborative arrangement.
- This collaboration serves to fortify IREDA’s successful partnerships with other notable financial institutions, such as Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank. These Memorandums of Understanding (MoUs) share a similar focus on co-lending and loan syndication for a diverse array of Renewable Energy projects throughout the nation.