IREDA to Assist NEEPCO in Developing RE Projects

The Indian Renewable Energy Development Agency (IREDA) on Saturday inked an Memorandum of Understanding (MoU) with North Eastern Electric Power Corporation to assist in developing renewable projects and raising funds. Under the MoU, IREDA will undertake techno-financial due diligence of renewable energy and energy efficiency & conservation projects for NEEPCO, IREDA said in a statement.

IREDA will assist North Eastern Electric Power Corporation (NEEPCO) in developing an action plan to create and acquire renewable energy projects for the next 5 years.

IREDA Chairman & Managing Director Pradip Kumar Das said the MoU will contribute in achieving the government’s target of reducing carbon emission to 33 per cent by 2030.

“By signing the MoU, IREDA will continue to enhance the cooperation and coordination with NEEPCO, working together to promote further progress on renewable energy development and addressing climate change,” Das said.

Earlier, IREDA has signed MoUs with SJVN and NHPC as well. The company is looking forward to extending its consultancy and advisory services to other PSUs as well as private organisations for the development of renewable energy sector.

Additionally, last month, IREDA signed an MoU with the Tamil Nadu Generation & Distribution Corporation Limited (TANGEDCO) for providing its technical expertise in developing renewable energy projects and fund raising. Under the MoU, IREDA will extend its technical expertise to TANGEDCO for renewable energy project development, bid process management, and implementation support.

IREDA will also assist TANGEDCO in debt raising through developing financial models, providing assistance in understanding market instrument, underwriting services for the proposed debt requirement, and conducting pre-market surveys and road shows to generate interest amongst prospective investors.

IREDA has stated that as the largest lender of the renewable energy sector, it is committed to play an important role in the fulfilment of the financial requirements for RE projects.

IREDA and NEEPCO are under Ministry of New & Renewable Energy and Ministry of Power, respectively. The latest MoU with NEEPCO was signed by Pradip Kumar Das, CMD, IREDA and Vinod Kumar Singh, CMD, NEEPCO.