IREDA Signs MoUs With Union Bank, Bank of Baroda To Finance RE Projects

The Indian Renewable Energy Development Agency Ltd. (IREDA) has signed Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB) on September 5, 2023. 

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The central government utility said these agreements would empower IREDA to collaborate with UBI and BoB in co-lending and loan syndication for a wide range of renewable energy projects, including established and emerging RE technologies.

"Both Union Bank of India and Bank of Baroda have an extensive nationwide presence with a vast network of branches. This collaboration aims to extend our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers," CMD of IREDA, Pradip Kumar Das said in a media statement. 

The MoU with Union Bank of India was formally inked by the General Manager (Technical Services), IREDA, Bharat Singh Rajput and the General Manager (Large Corporate Vertical), UBI, Dhirendra Jain. The signing ceremony was attended by Chairman and Managing Director of IREDA, Pradip Kumar Das; Managing Director & CEO of UBI, A Manimekhalai and senior officials.

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The MoU with the Bank of Baroda was executed by the General Manager (Technical Services), IREDA, Bharat Singh Rajput and General Manager, BoB, Dhiren Lalai. The signing ceremony witnessed the presence of IREDA CMD and MD & CEO of BoB, Debadatta Chand, along with Executive Director Lalit Tyagi. Other senior officials of BoB, Head-Large Corporate Relationships, Sumit Sachdeva and Head–Credit, Manoj Chayani were also present on the occasion.

In recent years, IREDA has been actively encouraging partnerships with various Central and State agencies as well as financial institutions to leverage its techno-financial expertise for the development of the renewable energy sector.