New Delhi: IREDA and IIFCL, two leading entities in India’s renewable energy sector, have joined forces through the signing of a Memorandum of Understanding (MoU). This significant partnership aims to provide financial support for renewable energy projects, including Small Hydro projects.
By engaging in co-lending, co-origination, and loan syndication, the collaboration between IREDA and IIFCL will effectively drive the development and advancement of all categories of renewable energy projects in the country.
Both organizations aim to maintain fixed interest rates for IREDA borrowings for a duration of three to four years. Additionally, IIFCL has the potential to invest in the bonds issued by IREDA, in accordance with the terms and conditions of the offering.
The Memorandum of Understanding (MoU) was officially signed on September 4, 2023, by Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, and Shri P R Jaishankar, Managing Director of IIFCL.
Speaking on the occasion, CMD, IREDA said, ‘We are pleased to partner with IIFCL and offer our techno-financial expertise to IIFCL for the development of Renewable Energy sector. With this collaboration, we will be able to support Govt. of India’s target of achieving 50% share of our energy from non-fossil fuels by the year 2030. We remain confident that by working together, we will leverage our strengths and continue to serve our customers in line with Prime Minister Shri Narendra Modi’s vision of Aatmanirbhar Bharat and a clean and green India.’
In the past, IREDA has collaborated with various central and state organizations through the signing of Memorandums of Understanding (MoUs). This particular MoU is significant as it facilitates the harmonization of IREDA’s expertise in green financing and IIFCL's proficiency in infrastructure financing.
