In a pivotal move to advance India’s renewable energy sector, Shri Pradip Kumar Das, Chairman & Managing Director of the Indian Renewable Energy Development Agency Limited (IREDA), and Shri Challa Sreenivasulu Setty, Chairman of the State Bank of India (SBI), convened in Mumbai today. The meeting aimed to explore potential collaborations between IREDA and SBI to accelerate the sector’s growth.
During their discussions, Das and Setty focused on enhancing financial support for green energy projects and considered strategies for joint initiatives. The conversation highlighted the PM Surya Ghar Muft Bijli Yojana, the PM-KUSUM scheme, and Green SME lending as key areas for potential industry-first solutions. Both teams will collaborate closely to develop these solutions, which are expected to expand green energy access across various economic segments.
Das expressed optimism about the partnership’s potential, stating, “IREDA can significantly contribute to the Government of India’s target of achieving 500 GW of non-fossil fuel-based installed capacity by 2030 by partnering with leading financial institutions like SBI. Together, we can create innovative financing models that will boost the renewable energy sector and support sustainable development.”
The meeting also saw the participation of Dr. Bijay Kumar Mohanty, Director (Finance) of IREDA, Shri Gulshan Malik, Deputy Managing Director (Commercial Clients Group) of SBI, and other senior officials from both institutions.
This discussion is part of IREDA’s broader strategy to forge strategic partnerships and mobilize financial resources for India’s renewable energy sector. IREDA has previously signed MoUs with several prominent financial institutions, including Punjab National Bank, Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank, reinforcing its leadership in the sector.
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