New Delhi (Agency): In his statement, the CMD of IREDA expressed his pleasure at partnering with IIFCL and highlighted the importance of leveraging their collective strengths to support the Indian government’s goal of achieving 50% of energy from non-fossil fuels by 2030. This collaboration is expected to contribute to the vision of a self-reliant and environmentally conscious India as envisaged by Prime Minister Shri Narendra Modi.
IREDA, a PSU under the Ministry of New & Renewable Energy (MNRE), has established a specialized Business Development and Consultancy division to cater to the increasing demand in the renewable energy sector. This partnership with IIFCL, a wholly-owned Government of India company established in 2006 to provide long-term financial assistance to viable infrastructure projects, brings together IREDA’s expertise in green financing and IIFCL’s proficiency in infrastructure financing.
**New Delhi, September 4, 2023** – The Indian Renewable Energy Development Agency Ltd. (IREDA) has entered into a significant collaboration with the India Infrastructure Finance Company Ltd (IIFCL) through a Memorandum of Understanding (MoU) to jointly finance renewable energy projects. This strategic partnership aims to foster the growth of the renewable energy sector in India.
Under the terms of the MoU, both IREDA and IIFCL will engage in co-lending, co-origination, and loan syndication for all categories of renewable energy projects, including small hydro projects. The collaboration extends to setting interest rates for borrowings by IREDA for a duration of three to four years. Additionally, IIFCL has the opportunity to invest in bonds issued by IREDA, subject to the specified terms and conditions of the issuance.
The MoU was officially signed on September 4, 2023, by Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, and Shri P R Jaishankar, Managing Director of IIFCL.
Speaking about this collaboration, the CMD of IREDA emphasized the importance of this partnership in contributing to the government’s ambitious target of achieving 50% of energy generation from non-fossil fuels by the year 2030. He stated that through this collaboration, they intend to support the vision of Aatmanirbhar Bharat (self-reliant India) and contribute to building a clean and green nation, aligning with the vision of Prime Minister Shri Narendra Modi.
