State-owned Indian Renewable Energy Development Agency Ltd. (IREDA) on Tuesday signed a Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB) to con-finance renewable projects in the country. The agreements will empower IREDA to collaborate with UBI and BoB, in co-lending and loan syndication for a wide range of renewable energy projects, including both established and emerging RE technologies.
"This collaboration aims to extend our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers," said Pradip Kumar Das, CMD of IREDA.
In recent years, IREDA has been actively encouraging partnerships with various Central and State agencies as well as financial institutions to leverage its techno-financial expertise for the development of the renewable energy sector.
The MoU with Union Bank of India was formally inked by General Manager (Technical Services), IREDA, Bharat Singh Rajput and General Manager (Large Corporate Vertical), UBI, Shri Dhirendra Jain. The MoU with Bank of Baroda was executed by General Manager (Technical Services), IREDA, Bharat Singh Rajput and General Manager, BoB, Dhiren Lalai.