IREDA Ropes In Two Banks To Co-finance Renewable Energy Projects

New Delhi: In an effort to drive the growth of renewable energy in India, Indian Renewable Energy Development Agency Ltd. (IREDA) has entered into Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB) on Tuesday. This significant move signifies the commitment towards bolstering the renewable energy sector in the country.

IREDA Ropes In Two Banks To Co finance Renewable Energy Projects -These agreements will enable IREDA to collaborate with UBI and BoB, enabling co-lending and loan syndication for a wide variety of renewable energy projects, encompassing both established and emerging RE technologies.

Speaking on the partnerships, CMD of IREDA, Pradip Kumar Das said, ‘Both Union Bank of India and Bank of Baroda have an extensive nationwide presence with a vast network of branches. This collaboration aims to extend our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers. We are confident that by combining our strengths and resources, we will continue to serve our customers in alignment with the vision of the Prime Minister for Atmanirbhar Bharat and sustainable growth.’

The MoU with Union Bank of India was formally inked by General Manager (Technical Services), IREDA, Shri Bharat Singh Rajput and General Manager (Large Corporate Vertical), UBI, Shri Dhirendra Jain. The signing ceremony was graced by the presence of Chairman and Managing Director of IREDA, Shri Pradip Kumar Das; Managing Director & CEO of UBI, Ms. A. Manimekhalai and senior officials.

The MoU with Bank of Baroda was executed by General Manager (Technical Services), IREDA, Shri Bharat Singh Rajput and General Manager, BoB, Shri Dhiren Lalai. The signing ceremony witnessed the presence of IREDA CMD and MD & CEO of BoB, Shri Debadatta Chand along with Executive Director Mr. Lalit Tyagi. Other senior officials of BoB, Head-Large Corporate Relationships, Mr. Sumit Sachdeva and Head – Credit, Mr. Manoj Chayani were also present on the occasion.

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