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IREDA Signs MoUs with Union Bank of India, Bank of Baroda for Renewable Energy Projects

Indian Renewable Energy Development Agency Ltd. (IREDA) signed Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB) on September 5, 2023, taking a further step towards speeding the expansion of renewable energy in India. These agreements will give IREDA the ability to work with UBI and BoB in loan syndication and co-lending for a variety of renewable energy projects that use both well-established and cutting-edge RE technology.

CMD of IREDA, Shri Pradip Kumar Das, expressed his satisfaction about these alliances by saying: “Both Union Bank of India and Bank of Baroda have a significant statewide presence with a sizable network of branches.

This partnership intends to broaden our reach, notably in tier-2 and tier-3 cities and rural areas, allowing us to offer both current and potential clients distinctive and creative financial support. We are sure that by merging our capabilities and resources, we will be able to continue serving our clients in accordance with the Prime Minister’s vision for Atmanirbhar Bharat and sustainable growth.

The MoU with Union Bank of India was formally inked by General Manager (Technical Services), IREDA, Shri Bharat Singh Rajput and General Manager (Large Corporate Vertical), UBI, Shri Dhirendra Jain. The signing ceremony was graced by the presence of Chairman and Managing Director of IREDA, Shri Pradip Kumar Das; Managing Director & CEO of UBI, Ms. A. Manimekhalai and senior officials.

General Manager (Technical Services), IREDA, Shri Bharat Singh Rajput, and General Manager, Bank of Baroda, Shri Dhiren Lalai, signed the MoU. IREDA CMD, MD & CEO of BoB, Shri Debadatta Chand, and Executive Director Mr. Lalit Tyagi were all present at the signing event. Mr. Sumit Sachdeva, Head of Large Corporate Relationships at BoB, and Mr. Manoj Chayani, Head of Credit, were also in attendance.

In order to utilise its technological and financial skills for the growth of the renewable energy sector, IREDA has actively encouraged partnerships with various Central and State organisations as well as financial institutions in recent years.

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Source: PIB

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