New Delhi, Feb 20 (KNN) Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have solidified their commitment to advancing renewable energy initiatives nationwide by signing a Memorandum of Understanding (MoU).

This pivotal agreement, inked at IREDA's headquarters in New Delhi on Monday, sets the stage for collaborative efforts in co-lending and loan syndication, catering to a diverse array of renewable energy projects.

The MoU encompasses several provisions aimed at bolstering support for renewable energy ventures. These provisions include joint lending, loan syndication, underwriting, as well as the management of Trust and Retention Account (TRA) for IREDA borrowers.

Additionally, both entities are poised to work towards competitive terms of sanction, including pricing on IREDA borrowings. Furthermore, the collaboration opens avenues for mutual investment in bonds issued by either organisation.

The signing ceremony saw the participation of key figures from both IREDA and PNB. Dr. R. C. Sharma, General Manager of IREDA, and Rajeeva, Chief General Manager of PNB, officially sealed the MoU in the presence of esteemed dignitaries such as Pradip Kumar Das, Chairman & Managing Director, IREDA, and Atul Kumar Goel, MD & CEO, PNB, along with Dr. Bijay Kumar Mohanty, Director (Finance), IREDA, and other senior officials from both organisations.

This collaborative endeavour not only strengthens IREDA's existing partnerships but also reinforces its commitment to fostering sustainable energy solutions.

With similar alliances in place with prominent financial institutions like Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank, IREDA continues to spearhead co-lending and loan syndication efforts for a wide spectrum of renewable energy projects nationwide.

(KNN Bureau)