The Indian Renewable Energy Development Agency Ltd. (IREDA) has entered into a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB), solidifying their collaboration in co-lending and loan syndication for a diverse array of Renewable Energy projects nationwide.
The comprehensive MoU encompasses provisions for co-lending and co-origination support across all Renewable Energy initiatives.
It aims to streamline loan syndication and underwriting processes, manage Trust and Retention Account (TRA) for IREDA borrowers, and work towards establishing fixed interest rates over a 3–4-year period for IREDA borrowings.
The agreement, signed at IREDA's Business Centre in New Delhi, brings together General Manager of IREDA, R. C. Sharma, and Chief Regional Manager of IOB, Anil Kumar.
The event witnessed the presence of Pradip Kumar Das, Chairman & Managing Director of IREDA, Ajay Kumar Srivastava, MD & CEO of IOB and Bijay Kumar Mohanty, Director (Finance), IREDA.
Expressing his thoughts on the collaboration, Pradip Kumar Das, CMD of IREDA, stated, "This strategic partnership between IREDA and Indian Overseas Bank marks a significant step in our commitment to accelerate 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."
This collaboration builds upon 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.
These MoUs similarly focus on co-lending and loan syndication for a wide range of Renewable Energy projects across the country, aligning with the Prime Minister’s COP26 announcement of achieving a 500 GW Non-Fossil-based electricity generation capacity by 2030.
Follow us
