IREDA Partners with Bank of Maharashtra for Renewable Energy

IREDA Partners with Bank of Maharashtra for Renewable Energy

Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise, has joined hands with Bank of Maharashtra (BoM). The partnership is to facilitate co-lending and loan syndication for various renewable energy projects across India.

The MoU entails services encompassing co-lending and co-origination support for all renewable energy projects. It will also pave the way for loan syndication and underwriting, management of trust and retention account for IREDA borrowers. A commitment for the establishment of fixed interest rates spanning a period of three to four years for IREDA borrowings. Under this agreement, Bank of Maharashtra can invest in the Bonds issued by IREDA basis terms and conditions of the offering as specified.

Speaking on the collaboration, IREDA CMD, Pradip Das said,  “This MoU with Bank of Maharashtra is another significant step in our ongoing efforts to promote Renewable Energy adoption in India. By joining forces, we aim to provide a robust financial ecosystem for Green Energy projects, making clean and sustainable energy accessible to more communities and industries. The partnership underscores the importance of Financial Institutions and Government Agencies working together in line with country’s goal to achieve India’s goal of Net Zero emissions by the year 2070, the target set by the Hon’ble Prime Minister.”

IREDA has entered into MoUs to finance renewable energy projects as well as emerging technologies like Green Hydrogen and offshore wind.