IREDA (Indian Renewable Energy Development Agency) inked a substantial Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM) today. This partnership intends to promote and facilitate co-lending and loan syndication for a wide range of Renewable Energy projects around the country.
The MoU was signed at IREDA’s Business Centre by Shri Bharat Singh Rajput, General Manager (Technical Services), and Shri Rajesh Singh, General Manager (Retail & MSME Credit), Bank of Maharashtra. Shri Pradip Kumar Das, Chairman and Managing Director of IREDA, and other top officials from both organizations attended the signing event.
The MoU includes several services such as co-lending and co-origination support for all Renewable Energy projects, loan syndication and underwriting, management of TRA for IREDA borrowers, and a commitment to establishing stable fixed interest rates for IREDA borrowings for a period of 3-4 years. Under this agreement, Bank of Maharashtra may invest in IREDA Bonds in compliance with the offering’s terms and conditions.
Bank of Maharashtra
“This MoU with Bank of Maharashtra is another significant step in our ongoing efforts to promote Renewable Energy adoption in India,” stated Shri Pradip Kumar Das, CMD, IREDA.
We hope to build a strong financial ecosystem for Green Energy projects by joining forces, making clean and sustainable energy available to more communities and companies.
This collaboration highlights the necessity of Financial Institutions and Government Agencies working together to accomplish the country’s objective of net-zero emissions by 2070, as established by the Hon’ble Prime Minister.