New Delhi: The Indian Renewable Energy Development Agency (IREDA) and Indian Overseas Bank (IOB) have entered into a collaboration to co-finance renewable energy projects in India. This strategic alliance establishes a platform for co-lending and loan syndication for a wide range of renewable energy projects across the country.
The memorandum of understanding (MoU) was signed by IREDA CMD Pradip Kumar Das and IOB MD and CEO Ajay Kumar Srivastava in the national capital. The partnership aims to leverage the combined strengths and resources of both entities to provide robust financial support to these initiatives.
IREDA CMD Pradip Kumar Das highlighted the goals of the collaboration, stating, “The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3-4-year period for IREDA borrowings.”
This collaboration builds upon IREDA’s successful partnerships with other prominent financial institutions, including Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, and Bank of Maharashtra, Das added.
