IREDA Inks MoUs With Union Bank of India, Bank of Baroda To Co-Finance Renewable Energy Projects

New Delhi, Sept 5 (KNN) The Indian Renewable Energy Development Agency Ltd. (IREDA) has signed an MoU with Union Bank of India (UBI) and Bank of Baroda (BoB) to collaborate on in co-lending and loan syndication for a wide range of renewable energy projects, including both established and emerging RE technologies.

Speaking about the MoUs signed, CMD of IREDA, Pradip Kumar Das said, "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.”

“We are confident that by combining our strengths and resources, we will continue to serve our customers in alignment with the vision of the Prime Minister for Atmanirbhar Bharat and sustainable growth,” he said.

The MoU with Union Bank of India was formally inked by General Manager (Technical Services), IREDA, Bharat Singh Rajput and General Manager (Large Corporate Vertical), UBI, Dhirendra Jain. The MoU with Bank of Baroda was executed by General Manager (Technical Services), IREDA, Bharat Singh Rajput and General Manager, BoB, Dhiren Lalai.

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.  (KNN Bureau)