New Delhi: IREDA and PNB have inked a Memorandum of Understanding (MoU) to strengthen renewable energy endeavours nationwide. The agreement, signed at IREDA’s headquarters in New Delhi on February 19, 2024, facilitates collaborative efforts in co-lending and loan syndication for various renewable energy projects.
The MoU includes several key provisions to support renewable energy initiatives. These provisions include joint lending, loan syndication, and underwriting, as well as managing Trust and Retention Accounts (TRA) for IREDA borrowers. Additionally, the agreement seeks to establish competitive terms of sanction, including pricing on IREDA borrowings. Moreover, it enables both entities to invest in each other’s bonds.
The signing ceremony was attended by notable figures from both organizations, including Dr R. C. Sharma, General Manager of IREDA, and Rajeeva, Chief General Manager of PNB, along with Pradip Kumar Das, Chairman & Managing Director of IREDA, and Atul Kumar Goel, MD & CEO of PNB, among others.
In his remarks, Das stated, “By leveraging our combined strengths and resources, we aim to provide robust financial support to a diverse array of renewable energy projects, promoting sustainability and environmental awareness.”
This collaboration strengthens IREDA’s existing partnerships with other prominent financial institutions, including 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 various renewable energy projects nationwide.
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