IREDA inks pact with Union Bank, BOB for renewable energy projects

6 Sep 2023 , 11:10 AM

To co-finance renewable energy projects, the state-owned IREDA has teamed with public sector lenders Union Bank of India and Bank of Baroda.

IREDA is a non-banking financial institution that provides financial help for the establishment of projects linked to new and renewable energy sources, as well as energy efficiency/conservation. It is part of the Ministry of New and Renewable Energy.

The Indian Renewable Energy Development Agency Ltd (IREDA) said on Tuesday that it had signed a Memorandum of Understanding (MoU) with Union Bank of India (UBI) and Bank of Baroda (BoB).

According to IREDA, these agreements will promote co-lending and loan syndication for a wide spectrum of renewable energy projects.

In the presence of IREDA CMD Pradip Kumar Das and A Manimekhalai, Managing Director & CEO of Union Bank of India, IREDA General Manager (Technical Services) and Dhirendra Jain, General Manager (Large Corporate Vertical) of Union Bank of India signed the MoU.

The alliance intends to broaden IREDA’s reach, notably in tier 2 and tier 3 cities and rural areas, allowing it to give distinctive and innovative financial assistance to existing and new consumers.

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