New Delhi (Agency): Indian Renewable Energy Development Agency Ltd. (IREDA) has taken a significant stride towards advancing the renewable energy sector in India by forging partnerships with Union Bank of India (UBI) and Bank of Baroda (BoB). Through Memorandums of Understanding (MoUs) signed on September 5, 2023, IREDA is set to collaborate with UBI and BoB for co-lending and loan syndication to support a broad spectrum of renewable energy projects, encompassing both established and emerging technologies.
Elated by these alliances, Shri Pradip Kumar Das, CMD of IREDA, highlighted the strategic significance of these collaborations. He expressed that Union Bank of India and Bank of Baroda possess extensive national footprints, making them instrumental in extending IREDA’s reach, particularly in tier-2 and tier-3 cities as well as rural areas. This collaboration is aimed at providing unique and innovative financial support to both existing and new customers, aligning with the vision of Prime Minister Narendra Modi for Atmanirbhar Bharat (self-reliant India) and sustainable growth.
The formal signing of the MoU with Union Bank of India involved Shri Bharat Singh Rajput, General Manager (Technical Services) from IREDA, and Shri Dhirendra Jain, General Manager (Large Corporate Vertical) from UBI. The ceremony witnessed the presence of esteemed officials including Shri Pradip Kumar Das, Chairman and Managing Director of IREDA, and Ms. A. Manimekhalai, Managing Director & CEO of UBI.
Similarly, the MoU with Bank of Baroda was executed in the presence of Shri Debadatta Chand, MD & CEO of BoB, and included Shri Bharat Singh Rajput from IREDA and Shri Dhiren Lalai, General Manager from BoB. The event featured the participation of Shri Lalit Tyagi, Executive Director of BoB, along with other senior officials.
IREDA has proactively pursued partnerships with Central and State agencies, as well as financial institutions, to harness its techno-financial expertise for the progress of the renewable energy sector. This collaborative effort between IREDA, Union Bank of India, and Bank of Baroda promises to not only accelerate the growth of renewable energy but also contribute to the broader goal of sustainable development in India.
As India commemorates the Azadi Ka Amrit Mahotsav, these collaborations stand as testament to the nation’s commitment to embracing innovative approaches and fostering growth in the renewable energy landscape.