IREDA, PNB collaborate to enhance financing for renewable energy projects in India
In an attempt to boost India’s clean energy ambitions, the Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) to collaborate on financing renewable energy projects across the country, on February 19, 2024. This partnership is aimed at streamlining and accelerating access to finance for developers in this critical sector, according to an exchange filing.
Expressing his enthusiasm, Pradip Kumar Das, CMD of IREDA, stated, “This strategic partnership marks a significant step in accelerating renewable energy growth in India. By combining our strengths and resources, we aim to provide robust financial support to diverse projects, fostering sustainability and environmental awareness.” He further emphasized alignment with the Prime Minister’s COP26 pledge to achieve 500 GW of non-fossil-fuel-based electricity generation by 2030, highlighting the MoU’s role in achieving this target.
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The stocks of IREDA were in green up 0.98 per cent at ₹179.75 on February 19, at 1:07 pm on BSE. The stocks of PNB were trading in green 0.54 per cent at ₹129.45 on February 19, at 1:10 pm on BSE.
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R. C. Sharma, General Manager of IREDA, and Rajeeva, Chief General Manager of PNB, signed the MoU in the presence of Pradip Kumar Das, Chairman & Managing Director of IREDA, Atul Kumar Goel, MD & CEO of PNB, Bijay Kumar Mohanty, Director (Finance) of IREDA, along with senior officials from both organizations.
The MoU is expected to enable IREDA and PNB to share the financial risks and rewards of larger renewable energy projects, making them more feasible for developers to undertake.
Additionally, management of the Trust and Retention Account (TRA) for IREDA borrowers will streamline the financial management of project funds, ensuring timely payments and reducing administrative burdens for developers, the official notification further added.
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Published: 19 Feb 2024, 01:30 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.