Indian Economy News

IREDA has signed MoUs with the Union Bank of India and Bank of Baroda to co-finance Renewable Energy projects

Indian Renewable Energy Development Agency Ltd. (IREDA) signed Memorandums of Understanding (MoUs) with the Union Bank of India (UBI) and Bank of Baroda (BoB) on September 5, 2023, taking a further step towards accelerating the growth of renewable energy (RE) in India.

These agreements will give IREDA the ability to work with UBI and BoB in loan syndication and co-lending for a variety of renewable energy projects that use both well-established and cutting-edge RE technology.

Chief Managing Director (CMD) of IREDA, Mr. Pradip Kumar Das, expressed his gratitude about these alliances by saying: “Both Union Bank of India and Bank of Baroda have an extensive nationwide presence with a vast network of branches. This collaboration aims to extend our reach, particularly in tier-2 and tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers.”

In order to utilise its technological and financial skills for the growth of the renewable energy sector, IREDA has actively encouraged partnerships with various Central and State organisations as well as financial institutions in recent years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.