IREDA and Indian Overseas Bank Join Forces for Renewable Energy Project Financing

17 Jan 2024 , 11:20 AM

State-owned IREDA has announced a partnership with Indian Overseas Bank (IOB) to co-finance renewable energy projects in India.

The Memorandum of Understanding (MoU) was signed in the presence of IREDA CMD Pradip Kumar Das and IOB MD and CEO Ajay Kumar Srivastava in the national capital.

The collaboration facilitates co-lending and loan syndication for a diverse range of renewable energy projects across the country.

The partnership aims to provide robust financial support to renewable energy projects by combining the strengths and resources of IREDA and IOB.

IREDA CMD emphasized the goal of streamlining loan syndication and underwriting processes, managing Trust and Retention Account (TRA) for IREDA borrowers, and working towards fixed interest rates over a 3-4-year period for IREDA borrowings.

This collaboration adds to IREDA’s successful partnerships with other major financial institutions, including Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, and Bank of Maharashtra.

IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution dedicated to promoting, developing, and extending financial assistance for projects related to new and renewable sources of energy and energy efficiency/conservation.

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