Schedule a Call Back
IREDA, Bank of Maharashtra join forces to boost renewable energy financing
Industry News- Sep 21,23
As part of this agreement, Bank of Maharashtra has the opportunity to invest in the Bonds issued by IREDA, adhering to the specified terms and conditions of the offering.
The Memorandum of Understanding (MoU) encompasses a range of services, including co-lending and co-origination support for all Renewable Energy projects, facilitating loan syndication and underwriting, managing the Trust & Retention Account for borrowers of the Indian Renewable Energy Development Agency (IREDA), and a commitment to establishing stable fixed interest rates spanning a 3-4 year period for IREDA borrowings. As part of this agreement, Bank of Maharashtra has the opportunity to invest in the Bonds issued by IREDA, adhering to the specified terms and conditions of the offering.
The MoU signing ceremony occurred at IREDA's Business Centre in New Delhi and was officiated by Bharat Singh Rajput, General Manager (Technical Services) of IREDA, and Rajesh Singh, General Manager (Retail & MSME Credit) of Bank of Maharashtra. Notable figures present at the event included Pradip Kumar Das, Chairman and Managing Director of IREDA, along with senior officials from both organisations.
Commenting on this collaboration, Das, the CMD of IREDA, stated, "This MoU with Bank of Maharashtra represents another significant stride in our ongoing endeavors to foster the adoption of Renewable Energy in India. By pooling our resources, we aim to establish a robust financial ecosystem for Green Energy projects, thereby extending access to clean and sustainable energy to more communities and industries. This partnership underscores the pivotal role of Financial Institutions and Government Agencies working in tandem, aligning with the country's objective of achieving India's Net Zero emissions goal by 2070, as set by the Hon’ble Prime Minister.”
In response to the substantial funding requirements of the Renewable Energy sector, which includes emerging technologies such as Green Hydrogen and Offshore Wind, IREDA has entered into MoUs with Public Sector Banks and Financial Institutions to collaborate on financing significant projects in this domain.
Source: PIB
IREDA
Bank of Maharashtra
Renewable Energy
Financing
MoU
Green Energy
Collaboration
India
Clean Energy
Sustainable Energy
Net Zero Emissions
Financial Institutions
Public Sector Banks
Related Stories
Electrical & Electronics
Will solar manufacturing glow in India as renewable energy demand surges?
While India has successfully increased domestic solar module production, import of solar cells remains high. As India plans to add 60-65 GW of solar capacity, will it be a sunshine moment for solar ..
Read moreElectrical & Electronics
Cummins India launches battery energy storage systems
The state-of-the-art energy storage solution reinforces commitment to India's renewable energy targets and bolsters grid stability initiatives.
Read moreAuto & Auto Components
Minda Corp, Toyodenso Form JV for Automotive Switches
The joint venture will set up a greenfield facility in Noida (Uttar Pradesh) with operations expected to commence in the second half of FY 2026–27
Read moreRelated Products
Power Conversion Systems
POWER GENERATION & ENERGY CONSERVATION PRODUCTS
POM Systems & Services Pvt Ltd offers a wide range of
PCS power conversion systems energy storage.
Hot Water Generators
POWER GENERATION & ENERGY CONSERVATION PRODUCTS
Transparent Energy Systems Private Limited offers a wide range of Hot water generators - Aquawarm Superplus.
Scrap Baling Press
POWER GENERATION & ENERGY CONSERVATION PRODUCTS
Fluid Power Machines offers hydraulic scrap baling press. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
