IREDA Forges Key Alliances with Leading Banks for Renewable Energy Financing

In another step towards accelerating the growth of renewable energy in India, Indian Renewable Energy Development Agency Ltd. (IREDA) has signed Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB), on September 5, 2023. These agreements will empower IREDA to collaborate with UBI and BoB, in co-lending and loan syndication for a wide range of renewable energy projects, including both established and emerging RE technologies.

Expressing his happiness about these partnerships, CMD of IREDA, Shri Pradip Kumar Das said: “Both Union Bank of India and Bank of Baroda have an extensive nationwide presence with a vast network of branches. This collaboration aims to extend our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers. We are confident that by combining our strengths and resources, we will continue to serve our customers in alignment with the vision of the Prime Minister 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.

The MoU with Bank of Baroda was executed by General Manager (Technical Services), IREDA, Shri Bharat Singh Rajput and General Manager, BoB, Shri Dhiren Lalai. The signing ceremony witnessed the presence of IREDA CMD and MD & CEO of BoB, Shri Debadatta Chand along with Executive Director Mr. Lalit Tyagi. Other senior officials of BoB, Head-Large Corporate Relationships, Mr. Sumit Sachdeva and Head – Credit, Mr. Manoj Chayani were also present on the occasion.

In recent years, IREDA has been actively encouraging partnerships with various Central and State agencies as well as financial institutions to leverage its techno-financial expertise for the development of the renewable energy sector.