IREDA Stock Up 3% on Green Energy Pact with PNB

19 Feb 2024 , 02:43 PM

On February 19, shares of the Indian Renewable Energy Development Agency (IREDA) experienced a 3% surge following the company’s announcement of signing a memorandum of understanding (MoU) with Punjab National Bank (PNB) for co-financing green energy projects.

In an exchange filing, IREDA stated, ‘Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund large-scale renewable energy projects.’

As of 2.42 pm, the stock was trading at ₹178.90 on the National Stock Exchange, marking a 0.59% increase from the previous close. Over the past month, the stock has demonstrated an impressive surge of more than 32% on the bourses.

The MoU encompasses various collaborative initiatives, including joint lending, loan syndication, underwriting, and the management of Trust and Retention Account (TRA) for IREDA borrowers. Furthermore, the agreement aims to establish competitive terms of sanction, including pricing on IREDA borrowings.