IREDA signs agreement with UBI and BOB for renewable energy projects

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