Navratna IREDA Partners With PSU Bank To Drive Renewable Energy Project

IREDA and Punjab National Bank signed a Memorandum of Understanding (MoU) on Monday aimed at advancing renewable energy initiatives across the nation.

The MoU encompasses a range of provisions aimed at bolstering support for renewable energy ventures. These include joint lending, loan syndication, and underwriting, as well as managing Trust and Retention Account (TRA) for IREDA borrowers.

Additionally, the agreement outlines efforts to negotiate competitive terms of sanction, including pricing on IREDA borrowings. Furthermore, IREDA and PNB can explore investment opportunities in bonds issued by either organization as part of this collaboration.

The MoU signing ceremony saw the participation of key figures from both organizations. General Manager of Indian Renewable Energy Development Agency Ltd(IREDA), Dr. R. C. Sharma, and Chief General Manager of PNB, Shri Rajeeva, inked the agreement in the presence of Chairman & Managing Director of IREDA, Shri Pradip Kumar Das, MD & CEO of PNB, Shri Atul Kumar Goel, Director (Finance) of IREDA, Dr. Bijay Kumar Mohanty, and other senior officials.

"This strategic partnership between IREDA and PNB 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."said Pradip Kumar CMD IREDA.

"Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund large-scale renewable energy projects, aligning with the Hon'ble Prime Minister's COP26 announcement to achieve a 500 GW Non-Fossil-based electricity generation capacity by 2030." he added,

This collaboration further solidifies IREDA's successful partnerships with other prominent financial institutions, including Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank. These MoUs similarly focus on co-financing and loan syndication for a wide range of Renewable Energy projects across the country.