IREDA & Indian Overseas Bank Sign MoU For Co-Lending In Renewable Energy

New Delhi, Jan 19 (KNN) Indian Renewable Energy Development Agency Ltd. (IREDA) and Indian Overseas Bank (IOB) have signed a Memorandum of Understanding (MoU) to initiate collaborative efforts in co-lending and loan syndication for a diverse array of Renewable Energy projects throughout the nation.

The MoU, which encompasses various services, also includes provisions for co-lending and co-origination support for all Renewable Energy projects.

The partnership's objectives are to streamline loan syndication and underwriting processes, effective management of Trust and Retention Account (TRA) for IREDA borrowers, and the pursuit of fixed interest rates over a 3 to 4 years period of time.

Speaking about the MoU, Pradip Kumar Das, Chairman and Managing Director, IREDA stated, "This strategic partnership between IREDA and Indian Overseas Bank marks a significant step in our commitment to accelerate the growth of renewable energy in the country.”

He mentioned, “By combining our strengths and resources, we aim to provide robust financial support to a diverse range of Renewable Energy projects, fostering sustainability and environmental awareness.”

“Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund large-scale renewable energy projects,” he further added.

The agreement was officially signed at IREDA's Business Centre in New Delhi on January 16, 2024, by Dr. R. C. Sharma, General Manager, IREDA and Anil Kumar, Chief Regional Manager, IOB.

(KNN Bureau)