IREDA Collaborates with UBI and BoB to Boost Renewable Energy Growth
In a significant move to accelerate India’s renewable energy sector, the Indian Renewable Energy Development Agency Ltd. (IREDA) has entered into Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB) on September 5, 2023. These strategic agreements enable IREDA to engage in co-lending and loan syndication for a diverse range of renewable energy projects, encompassing both established and emerging technologies in the sector.
IREDA’s Chairman and Managing Director, Shri Pradip Kumar Das, expressed his enthusiasm for these partnerships, emphasizing the extensive nationwide presence of both Union Bank of India and Bank of Baroda, which will enhance their reach, particularly in tier-2 & tier-3 cities and rural areas. This collaboration aims to provide unique and innovative financial support to existing and new customers, aligning with the vision of Prime Minister Narendra Modi for Atmanirbhar Bharat and sustainable growth.
The formal signing of the MoU with Union Bank of India was attended by senior officials, including Shri Bharat Singh Rajput, General Manager (Technical Services) of IREDA, and Shri Dhirendra Jain, General Manager (Large Corporate Vertical) of UBI.
Similarly, the MoU with Bank of Baroda was executed in the presence of Shri Bharat Singh Rajput, General Manager (Technical Services) of IREDA, and Shri Dhiren Lalai, General Manager of BoB, along with the participation of Shri Debadatta Chand, MD & CEO of BoB, and other senior officials.
IREDA has actively fostered partnerships with various Central and State agencies and financial institutions in recent years to leverage its techno-financial expertise for the advancement of the renewable energy sector. This latest collaboration further underscores IREDA’s commitment to driving sustainable growth in India’s renewable energy landscape.
