NEW DELHI : The Indian Renewable Energy Development Agency Ltd. (IREDA) and Indian Overseas Bank (IOB) have partnered by formalizing a Memorandum of Understanding (MoU). The agreement, signed at IREDA’s Business Centre in New Delhi today, establishes a framework for joint initiatives in co-lending and loan syndication, encompassing a wide range of Renewable Energy projects throughout the country.
- Dr. R. C. Sharma, General Manager at IREDA, and Shri Anil Kumar, Chief Regional Manager at IOB, formally signed the MoU. The signing took place in the presence of Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, Shri Ajay Kumar Srivastava, MD & CEO of IOB, Dr. Bijay Kumar Mohanty, Director (Finance) at IREDA, and senior officials from both organizations.
- Covering a spectrum of services, the MoU incorporates provisions for co-lending and co-origination support for all Renewable Energy projects. The partnership is geared towards streamlining processes related to loan syndication and underwriting, overseeing the Trust and Retention Account (TRA) for IREDA borrowers, and striving for fixed interest rates over a 3–4-year duration for IREDA borrowings.
- This collaboration extends IREDA’s successful alliances with other notable financial institutions, such as Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, and Bank of Maharashtra. These MoUs similarly concentrate on co-lending and loan syndication for a diverse array of Renewable Energy projects nationwide.