The Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects.
What the MoU says:
As per the terms and conditions signed in the MoU:
- IREDA and IIFCL will engage in co-lending, co-origination and loan syndication for all categories of renewable energy projects including small Hydro projects
• Both organizations will fix interest rates for IREDA borrowings for a period of three to four years
• IIFCL may invest in the bonds issued by IREDA
Mr. Pradip Kumar Das, CMD, IREDA, said, “… With this collaboration, we will be able to support Govt. of India’s target of achieving 50% share of our energy from non-fossil fuels by the year 2030. We remain confident that by working together, we will leverage our strengths and continue to serve our customers in line with Prime Minister Shri Narendra Modi’s vision of Aatmanirbhar Bharat and a clean and green India.”