Indian Renewable Energy Development Agency Ltd. (IREDA) today signed a significant Memorandum
of Understanding (MoU) with Bank of Maharashtra (BoM). This collaboration aims to promote and
facilitate co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across
the nation.
The MoU was signed by Shri Bharat Singh Rajput, General Manager (Technical Services), IREDA and
Shri Rajesh Singh, General Manager (Retail & MSME Credit), Bank of Maharashtra at IREDA’s Business
Centre. The signing ceremony took place in the presence of Shri Pradip Kumar Das, Chairman and
Managing Director of IREDA, and other senior officials from both organizations.
The MoU comprises several services including co-lending and co-origination support for all Renewable
Energy projects, facilitating loan syndication and underwriting, management of TRA for IREDA
borrowers, and a commitment to establishing stable fixed interest rates spanning a period of 3-4 years
for IREDA borrowings. Under this agreement, Bank of Maharashtra can invest in the Bonds issued by
IREDA in accordance with the specified terms and conditions of the offering.
Speaking on the collaboration, Shri Pradip Kumar Das, CMD, IREDA, said, "This MoU with Bank of
Maharashtra is another significant step in our ongoing efforts to promote Renewable Energy adoption
in India. By joining forces, we aim to provide a robust financial ecosystem for Green Energy projects,
making clean and sustainable energy accessible to more communities and industries. This partnership
underscores the importance of Financial Institutions and Government Agencies working together in
line with country's goal to achieve net-zero emissions by 2070, target set by the Hon’ble Prime
Minister.”
To address the substantial funding requirement of the Renewable Energy sector, including emerging
technologies such as Green Hydrogen and Offshore Wind, IREDA has singed MoUs with Public Sector
Banks and Financial Institutions to collaborate on co-lending for big ticket size projects.
