In order to co-finance renewable energy projects, state-owned IREDA has partnered with public sector lenders Union Bank of India and Bank of Baroda.
IREDA, a non-banking financial entity operating under the Ministry of New and Renewable Energy, provides funding for the establishment of projects involving new and renewable energy sources as well as energy efficiency/conservation.
In a statement, the Indian Renewable Energy Development Agency Ltd (IREDA) said it has signed a Memorandum of Understanding (MoU) with Union Bank of India (UBI) and Bank of Baroda (BoB) on Tuesday.
These agreements will facilitate co-lending and loan syndication for a wide range of renewable energy projects, IREDA said.
IREDA General Manager (Technical Services) and Dhirendra Jain, General Manager (Large Corporate Vertical) of UBI signed the MoU in the presence of IREDA CMD Pradip Kumar Das and A Manimekhalai, Managing Director & CEO of Union Bank of India.
While Bharat Singh Rajput of IREDA and Dhiren Lalai, General Manager, BoB signed the MoU in the presence of IREDA CMD and Debadatta Chand, MD & CEO of Bank of Baroda.
The collaboration aims to extend reach, particularly in tier-2 and tier-3 cities and rural areas, enabling IREDA to provide unique and innovative financial support to existing and new customers, Das said.
On Tuesday, Union Bank of India shares closed 1.8% up at Rs. 89.70 and Bank of Baroda shares closed 0..28% at Rs. 196 on NSE.
