IREDA and IIFCL Tie-Up to Finance RE Projects in India
The MoU will strengthen IREDA and IIFCL to indulge in Co-Lending / Co-Origination and Loan Syndication for all types of RE projects, comprising Small Hydro projects. Both companies will bring also fixed interest rates for IREDA borrowings for a tenure of three to four years.
September 05, 2023. By EI News Network
The MoU will strengthen IREDA and IIFCL to indulge in Co-Lending / Co-Origination and Loan Syndication for all types of RE projects, comprising Small Hydro projects. Both companies will bring also fixed interest rates for IREDA borrowings for a tenure of three to four years. Further, IIFCL may invest in the bonds issued by IREDA, according to the terms and conditions of the issue.
The MoU was signed by Pradip Kumar Das, Chairman & Managing Director, IREDA and P R Jaishankar, Managing Director, IIFCL.
Pradip Kumar Das stated, "We are pleased to partner with IIFCL and offer our techno-financial expertise to IIFCL for the development of Renewable Energy sector. With this collaboration, we will be able to support Govt. of India’s target of achieving 50% share of our energy from non-fossil fuels by the year 2030. We remain confident that by working together, we will leverage our strengths and continue to serve our customers in line with Prime Minister Shri Narendra Modi's vision of Aatmanirbhar Bharat and a clean and green India.”
IREDA set up a specialised Business Development and Consultancy division two years back to fulfill the growing demand in the RE sector.
This MoU will facilitate a synergy of the green financing expertise of IREDA and the Infra financing expertise of IIFCL.
IREDA is a PSU under the MNRE and IIFCL is a wholly-owned Government of India company incorporated in 2006 to facilitate long-term financial assistance to feasible infrastructure projects.
please contact: contact@energetica-india.net.
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