(MENAFN- KNN India)
IREDA Join Hands With Bank Of Maharashtra For Financing Renewable Energy Projects
New Delhi, Sept 19 (KNN) The Indian Renewable Energy Development Agency (IREDA) on Monday signed an agreement with Bank of Maharashtra to finance renewable energy projects.
The MoU was signed by General Manager (Technical Services), IREDA, Bharat Singh Rajput, and General Manager (Retail & MSME Credit), BoM, Rajesh Singh, at IREDA's Business Centre.
The collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation, an official statement said.
The MoU between the two will allow co-lending and co-origination support for all renewable energy projects, facilitating loan syndication and underwriting, management of trust & retention account for IREDA borrowers, and a commitment to establishing stable fixed interest rates spanning a period of 3-4 years for IREDA borrowings.
Under the agreement, BoM can invest in the bonds issued by IREDA in accordance with the specified terms and conditions of the offering.
To address the substantial funding requirement of the renewable energy sector, including emerging technologies such as green hydrogen and offshore wind, IREDA has signed MoUs with public sector banks and financial institutions to collaborate on co-lending for big-ticket-size projects.
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