IREDA inks MoUs with UBI and BoB for co-financing renewable energy projects

The state-owned Indian Renewable Energy Development Agency Ltd. (IREDA) inked Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB) on Tuesday for co-financing renewable energy projects. The agreements will enable IREDA to collaborate with UBI and BoB on co-lending and loan syndication for a variety of renewable energy projects including both established and advanced RE technology.

"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," said Pradip Kumar Das, CMD of IREDA.

To utilize its technological and financial skills for the growth of the renewable energy industry, IREDA has strongly encouraged collaborations with different Central and State agencies as well as financial institutions in recent years.

Source: Media Reports