The Indian Renewable Energy Development Agency (IREDA), a Government of India enterprise, has signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM). This collaboration aims to promote and facilitate co-lending and loan syndication for various Renewable Energy projects across India.
Under the MoU, both entities will provide co-lending and co-origination support for all Renewable Energy projects, facilitate loan syndication and underwriting, manage the Trust & Retention Account for IREDA borrowers, and establish stable fixed interest rates spanning 3-4 years for IREDA borrowings. Bank of Maharashtra will also have the opportunity to invest in the Bonds issued by IREDA according to specified terms and conditions.
The MoU was signed by Shri Bharat Singh Rajput, General Manager (Technical Services) at IREDA, and Shri Rajesh Singh, General Manager (Retail & MSME Credit) at Bank of Maharashtra, in the presence of Shri Pradip Kumar Das, Chairman and Managing Director of IREDA, and senior officials from both organizations.
IREDA CMD Shri Das emphasized that this collaboration with Bank of Maharashtra is a significant step toward promoting Renewable Energy adoption in India. The partnership aims to establish a robust financial ecosystem for Green Energy projects, making clean and sustainable energy more accessible to communities and industries.
The collaboration aligns with India’s goal to achieve Net Zero emissions by 2070 and addresses the substantial funding requirements of the Renewable Energy sector, including emerging technologies like Green Hydrogen and Offshore Wind.