IREDA, BVFCL Team Up for Green Energy Projects

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Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Limited (BVFCL) for providing its techno-financial expertise in developing renewable energy projects and fund raising.

The two companies are Public Sector Undertakings (PSUs) under the Ministry of New & Renewable Energy (MNRE) and the Ministry of Chemicals & Fertilizers (MoC&F) respectively.

The MoU was signed by Mr. Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, and Dr. Siba Prasad Mohanty, CMD, BVFCL, in the presence of Mr. Chintan Shah, Director (Technical), IREDA, Dr. R. C. Sharma, CFO, IREDA, and other senior officials.

The MoU with BVFCL is the fifth one signed by IREDA within one year. Earlier, IREDA has signed MoUs with Satluj Jal Vidyut Nigam (SJVN), NHPC, Tamil Nadu Electricity Board (TANGEDCO) and North Eastern Electric Power Corporation Limited (NEEPCO) to extend its techno-financial expertise for green energy projects.

Under the new MoU with BVFCL, IREDA will undertake techno-financial due diligence of renewable energy, green hydrogen, green ammonia, energy efficiency & conservation projects for BVFCL. IREDA will assist BVFCL in developing an action plan to create and acquire renewable energy projects for the next five years.

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CMD, IREDA, while singing the MoU said that IREDA believes that this collaboration will inspire other companies in the Chemical & Fertilizer sector, such as BVFCL, to cut carbon emissions and be environment friendly. It is a way forward for IREDA to play a key-role for the development of North-east India through green energy, said an official statement.

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Mr. Das further underlined that this MoU will support in contributing to achieve centre’s target of reducing the country’s carbon emissions to 45% by 2030. Recently, MNRE announced that the country’s total installed renewable energy capacity, including hydro, crossed 150 gigawatt (GW) and that out of this 150 GW, IREDA has supported more than 19 GW renewable energy installations in the country.