IREDA inks MoU with TANGEDCO for renewable energy projects

On Monday, IREDA told the media that it has entered into a pact with TANGEDCO for rendering technical expertise in renewable energy projects development and fundraising.Pradip Kumar Das, IREDA Chairman and Managing Director (CMD) and Rajesh Lakhoni, TANGEDCO CMD, signed the MoU in the presence of Tamil Nadu Chief Minister M K Stalin.The Indian Renewable Energy Development Agency Ltd (IREDA), in a statement, said that it entered into a pact with the Tamil Nadu Generation & Distribution Corporation Limited (TANGEDCO) for rendering its technical expertise in growing Renewable Energy projects and raising funds.Under the MoU, IREDA will render its technical expertise to TANGEDCO for bid process management, renewable energy project development, and implementation support.Additionally, IREDA will help TANGEDCO in debt raising via underwriting services for the offered debt requirement, developing financial models and carrying out roadshows and pre-market surveys to create interest amongst prospective investors.IREDA CMD told the media that the MoU highlights their constant efforts in renewable energy sector development in line with the Prime Minister's vision of Aatmanirbhar Bharat.It will promote knowledge sharing and render consultancy services, which will add to driving sustainable development of the nation. They look forward to providing their consultancy services to other state governments and developing the renewable energy sector. There are immense opportunities for the development of the renewable energy sector in Tamil Nadu.TANGEDCO is aiming for 20,000 MW of solar power projects, with sufficient battery storage, 3,000 MW of pumped storage hydroelectric projects, and 2,000 MW of gas-based power plants for effective renewable integration.Image SourceAlso read: India's solar capacity rose to 251% with 4,578 MW installations in 1H