IREDA and PNB Forge Strategic Partnership to Boost Renewable Energy Initiatives

To support renewable energy initiatives across the country, the Indian Renewable Energy Development Agency Ltd. has taken a major step. IREDA and Punjab National Bank (PNB) have formalized a Memorandum of Understanding (MoU) at IREDA's registered office in New Delhi today, setting the stage for collaborative efforts in co-lending and loan syndication tailored to a diverse array of renewable energy projects.

Joint Collaboration to Empower Renewable Energy Projects

The MoU encompasses a range of provisions designed to amplify support for renewable energy initiatives. These include joint lending, loan syndication and underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and concerted efforts to secure competitive terms of sanction, encompassing pricing on IREDA borrowings. Furthermore, the collaboration allows for potential investments in bonds issued by either organization, further solidifying the partnership.

Dr. R. C. Sharma, General Manager of IREDA, and Rajeeva, Chief General Manager of PNB, affixed their signatures to the MoU in the presence of distinguished dignitaries. Among those in attendance were Pradip Kumar Das, Chairman & Managing Director of IREDA, Atul Kumar Goel, MD & CEO of PNB, and Dr. Bijay Kumar Mohanty, Director (Finance) of IREDA, along with other senior officials representing both entities.

Visionary Statements by Pradip Kumar Das, CMD, IREDA

Pradip Kumar Das, CMD of IREDA, highlighted that the strategic partnership between IREDA and PNB signifies a significant advancement in their joint commitment to accelerating renewable energy growth in the country. He emphasized the synergy resulting from pooling resources and expertise to provide strong financial support to a wide range of renewable energy projects, promoting sustainability and environmental awareness. Das also underscored IREDA's alignment with the Hon'ble Prime Minister's COP26 announcement, which aims to achieve a 500 GW Non-Fossil-based electricity generation capacity by 2030.

This collaboration further fortifies IREDA's collaborative ventures with other notable financial institutions, including Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank.

These existing MoUs similarly center on co-lending and loan syndication endeavors, amplifying support for a wide spectrum of renewable energy projects spanning the nation.