IREDA & MAHAPREIT Sign MoU to Provide Loans for Green Energy Projects

Yesterday, the Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT), a fully-owned subsidiary of MPBCDC (49% owned by the Government of India and 51% owned by the Government of Maharashtra), and the Indian Renewable Energy Development Agency Ltd. (IREDA) signed a memorandum of understanding.

According to the terms of the Memorandum of Understanding, IREDA will provide MAHAPREIT with financing options for the renewable energy projects that will be implemented for public utilities, local governments, and the infrastructure of renewable energy parks.

The Chairman & Managing Director (CMD) of IREDA, Pradip Kumar Das, and the CMD of MAHAPREIT, Bipin Shrimali, both signed the MoU. As part of this partnership, IREDA will also perform techno-financial due diligence on MAHAPREIT's projects involving renewable energy and energy efficiency and conservation.

"We are pleased to partner with MAHAPREIT and offer our techno-financial expertise to MAHAPREIT for the sustainable development of Maharashtra," said CMD, IREDA, speaking at the event. “We will be able to assist the Indian government in achieving its goal of obtaining 50% of its energy from non-fossil fuels by 2030 through this kind of cooperation. Additionally, these programmes might promote green investment and create thousands of jobs.”

To meet the expanding demand in the RE sector, IREDA created a specialized Business Development and Consultancy division two years ago. This is the ninth Memorandum of Understanding that IREDA has signed in the previous two years to offer consultation services for the nation's sustainable development.

To improve their techno-financial expertise for green energy projects, SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, GSL, and CIPET have signed Memorandums of Understanding with IREDA. IREDA has already begun working on the majority of the MoUs.