IREDA and Punjab National Bank Join Forces to Advance Renewable Energy Projects
The agreement, signed at IREDA's registered office in New Delhi, lays the groundwork for collaborative efforts in co-lending and loan syndication for a diverse array of renewable energy projects.
February 19, 2024. By Abha Rustagi
The agreement, signed at IREDA's registered office in New Delhi, lays the groundwork for collaborative efforts in co-lending and loan syndication for a diverse array of renewable energy projects.
The MoU encompasses various provisions designed to bolster support for renewable energy projects, including joint lending, loan syndication and underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and endeavors to secure competitive terms of sanction, including pricing on IREDA borrowings. Additionally, the collaboration allows IREDA and PNB to explore investment opportunities in bonds issued by either organization.
The signing ceremony was attended by senior officials from both organizations, including Dr. R.C. Sharma, General Manager of IREDA, and Rajeeva, Chief General Manager of PNB. The event also saw the presence of Pradip Kumar Das, Chairman & Managing Director of IREDA, and Atul Kumar Goel, MD, and CEO of PNB, along with Dr. Bijay Kumar Mohanty, Director (Finance) of IREDA.
Expressing his views on the collaboration, Pradip Kumar Das, CMD of IREDA, emphasized its significance in accelerating the growth of renewable energy in the country. "This strategic partnership between IREDA and PNB marks a significant step in our commitment to accelerate the growth of renewable energy in the country. 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, aligning with the Hon’ble Prime Minister’s COP26 announcement to achieve a 500 GW Non-Fossil-based electricity generation capacity by 2030," he said.
This partnership strengthens IREDA's successful collaborations with other leading financial institutions, including the Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank. These MoUs similarly focus on co-lending and loan syndication for a wide range of renewable energy projects across the country.
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