IREDA, IIFCL team up for Renewable Energy Financing Boost

06 Sep 2023 CW Team

Indian Renewable Energy Development Agency (IREDA) has entered into a Memorandum of Understanding (MoU) with India Infrastructure Finance Company (IIFCL) to bolster financial support for renewable energy projects. According to the Ministry of New and Renewable Energy, this MoU will empower both organisations to collaborate in co-lending, co-origination, and loan syndication across all categories of renewable energy projects, including small hydro projects. Additionally, they aim to stabilise interest rates for IREDA borrowings over a three to four-year period. Furthermore, IIFCL may consider investments in IREDA-issued bonds, subject to the terms and conditions of the issuance.

The MoU signing ceremony featured S Pradip Kumar Das, Chairman and Managing Director of IREDA, and P R Jaishankar, Managing Director of IIFCL. CMD, IREDA expressed his enthusiasm for the partnership, emphasising that it will leverage their technical and financial expertise to support the development of the renewable energy sector. This collaboration aligns with the government of India's goal of achieving a 50% share of non-fossil fuel energy by 2030, contributing to Prime Minister Narendra Modi's vision of Aatmanirbhar Bharat and a sustainable, eco-friendly India.

IREDA established a dedicated Business Development and Consultancy division two years ago to address the increasing demand in the Renewable Energy sector. In the past, IREDA has forged MoUs with various central and state agencies. This particular MoU will synergise IREDA's expertise in green financing with IIFCL's proficiency in infrastructure financing.

Indian Renewable Energy Development Agency (IREDA) operates as a Public Sector Undertaking (PSU) under the Ministry of New and Renewable Energy (MNRE), while India Infrastructure Finance Company (IIFCL) is a wholly-owned government of India entity established in 2006 to provide long-term financial support to viable infrastructure projects.

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