The Indian Renewable Energy Development Agency Ltd. (IREDA) has entered into a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd. (IIFCL) to finance renewable energy projects. The MoU will allow IREDA and IIFCL to participate in co-lending, co-origination, and loan syndication for all types of renewable energy projects, including small hydro projects.
Both organizations will work to lock in interest rates for IREDA borrowings for three to four years. Furthermore, IIFCL may invest in IREDA bonds, according to the terms and conditions of the issue.
The Memorandum of Understanding was signed today, September 4, 2023, by Shri Pradip Kumar Das, Chairman and Managing Director of IREDA, and Shri P R Jaishankar, Managing Director of IIFCL.
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“We are pleased to partner with IIFCL and offer our techno-financial expertise to IIFCL for the development of the Renewable Energy sector,” stated CMD, IREDA. We will be able to support the Government of India’s goal of achieving a 50% share of our energy from non-fossil fuels by 2030 with this agreement. We are optimistic that by collaborating, we will be able to maximize our strengths and continue to serve our clients in accordance with Prime Minister Shri Narendra Modi’s vision of Aatmanirbhar Bharat and a clean and green India.”