IREDA and PNB Join Forces to Boost Renewable Energy Initiatives in India

IREDA and PNB Join Forces to Boost Renewable Energy Initiatives in India
Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have inked a Memorandum of Understanding (MoU), marking a strategic alliance to propel renewable energy initiatives nationwide.
The collaborative agreement encompasses joint efforts in co-lending and loan syndication, covering a diverse array of renewable energy projects. The partnership extends to joint lending, loan syndication, underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and endeavors towards competitive terms of sanction, including pricing on IREDA borrowings.
IREDA Chairman Pradip Kumar Das expressed the significance of this partnership, stating, "This strategic partnership marks a significant step in our commitment to accelerate the growth of renewable energy in the country". The collaboration aims to provide robust financial support to a broad spectrum of renewable energy projects, contributing to sustainability and environmental awareness.
As part of the collaboration, IREDA and PNB also have the opportunity to invest in bonds issued by either organization.
This collaboration builds on IREDA's successful partnerships with leading financial institutions, such as Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank. These agreements similarly focus on co-lending and loan syndication for a wide range of renewable energy projects, aligning with India's ambitious goal to achieve a 500 GW Non-Fossil-based electricity generation capacity by 2030, as announced during COP26.