New Delhi: IREDA and Punjab National Bank (PNB) have forged a Memorandum of Understanding (MoU) to propel renewable energy endeavors throughout the nation. This agreement, inked at IREDA’s New Delhi headquarters on February 19, 2024, facilitates joint efforts in co-lending and loan syndication for various renewable energy projects.
The MoU encompasses multiple provisions aimed at bolstering support for renewable energy initiatives. These provisions include joint lending, loan syndication, and underwriting, along with managing Trust and Retention Account (TRA) for IREDA borrowers, and striving for competitive terms of sanction, including pricing on IREDA borrowings. Through this collaboration, IREDA and PNB can also invest in bonds issued by either organization.
The signing ceremony featured Dr. R. C. Sharma, General Manager of IREDA, and Rajeeva, Chief General Manager of PNB, in the presence of Pradip Kumar Das, Chairman & Managing Director of IREDA, Atul Kumar Goel, MD & CEO of PNB, Dr. Bijay Kumar Mohanty, Director (Finance) of IREDA, and other senior officials from both entities.
Pradip Kumar Das, CMD of IREDA, expressed enthusiasm about the partnership, stating, “This strategic alliance between IREDA and PNB represents a significant stride in our commitment to accelerating renewable energy growth in the country. By leveraging our strengths and resources, we aim to provide robust financial backing to a diverse range of renewable energy projects, thereby promoting sustainability and environmental consciousness. With the MoU and previous agreements with other leading financial institutions, IREDA is well-equipped to finance large-scale renewable energy projects, in line with the Hon’ble Prime Minister’s COP26 announcement to achieve a 500 GW Non-Fossil-based electricity generation capacity by 2030.”
This collaboration fortifies IREDA’s successful partnerships with other renowned financial institutions, such as Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank. These MoUs similarly focus on co-lending and loan syndication for a wide range of Renewable Energy projects across the country.