IREDA signs agreement with UBI and BOB for renewable energy projects
Utkarsh Classes
Last Updated
16-01-2024
Agreements
3 min read
On September 5, 2023, the Indian Renewable Energy Development Agency Ltd. (IREDA) took a significant step towards boosting renewable energy growth in India.
They signed Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB).
- These agreements enable IREDA to partner with UBI and BoB for co-lending and loan syndication in various renewable energy projects. These projects encompass both established and emerging renewable energy technologies.
- This collaboration aims to enable us to provide unique and innovative financial assistance to existing and new customers while expanding IREDA's reach, especially in Tier-2 and Tier-3 cities and rural areas.
- The MoU with Union Bank of India was formally signed by General Manager (Technical Services), IREDA, Bharat Singh Rajput and General Manager (Large Corporate Vertical), UBI, Dhirendra Jain.
- In recent years, IREDA has been actively encouraging partnerships with various central and state agencies as well as financial institutions to leverage their techno-financial expertise for the development of the renewable energy sector.
Indian Renewable Energy Development Agency Limited (IREDA):
- IREDA was notified as a ‘Public Financial Institution’ under Section 4A of the ‘Companies Act, 1956’.
- IREDA was incorporated in the year 1987 as a public limited company in the form of ‘Non-Banking Financial Institution’.
- It is registered as a ‘Non-Banking Financial Company’ under the rules of ‘Reserve Bank of India’.
- IREDA is a Miniratna (Category 1) type company functioning under the administrative control of the Ministry of New and Renewable Energy, Government of India.
- The work of IREDA is to encourage projects related to new and renewable energy sources and to provide financial assistance for their development.
- The objective of IREDA is to promote, develop and provide financial assistance to projects related to new and renewable energy sources.
IREDA Chairman and Managing Director: Pradeep Kumar Das;
Managing Director and Chief Executive Officer of UBI: Ms. A. Manimekhalai
General Manager of BOB: Dhiren Lalai
FAQ
Ans. Union Bank of India and Bank of Baroda
Ans. - Pradeep Kumar Das;
Leave a Review
Today's Article
Tags
Agreements and MoU
Agriculture
Place in News
Art & Culture
Person in News
Award and Honour
Visits
Banking & Finance
Economy
Banking and Finance
Bilateral Relations
Summit and Conference
Bill and Act
Defence
Energy
International news
Transport
Industry
Environment
Report
Science and Technology
Space
Loan and Grant
Rajasthan
Uttar Pradesh
Science
Art and Culture
Government Scheme
Census
Death
Festival
Important Day
Important Days
Portal
State news
Science and Technology
Union Budget
App
law and act
Appointment
Banking
International Organisations
High Court
Supreme Court
Jharkhand
Sport
Dance
Himachal Pradesh
Haryana
Tribe
Bihar
Committee and Commission
Tourism
Festivals
Uttrakhand
Government Initiative
Index
Chhattisgarh
Election
Body
Books and Author
Books and Authors
Madhya Pradesh
Military exercise
Infrastructure
Exercise
Export
Education
Health and Disease
Supreme Court
Meeting
Law & Order
Paris Olympic
Travel & Transport
Ranking
Research
