In a significant move aimed at furthering the growth of renewable energy in India, the Indian Renewable Energy Development Agency Ltd. (IREDA) has inked Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB) on September 5, 2023. These agreements will enable IREDA to collaborate with UBI and BoB in co-lending and loan syndication for a broad spectrum of renewable energy projects, encompassing both established and emerging RE technologies.
A Win-Win Collaboration
Expressing his delight about these strategic partnerships, Shri Pradip Kumar Das, CMD of IREDA, stated, “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 Union Bank of India MoU
The MoU with Union Bank of India was formally signed by Shri Bharat Singh Rajput, General Manager (Technical Services) at IREDA, and Shri Dhirendra Jain, General Manager (Large Corporate Vertical) at UBI. The signing ceremony was graced by the presence of Shri Pradip Kumar Das, Chairman and Managing Director of IREDA, Ms. A. Manimekhalai, Managing Director & CEO of UBI, and senior officials.
The Bank of Baroda MoU
The MoU with Bank of Baroda was executed by Shri Bharat Singh Rajput, General Manager (Technical Services) at IREDA, and Shri Dhiren Lalai, General Manager at BoB. The signing ceremony witnessed the presence of IREDA CMD and Mr. Debadatta Chand, MD & CEO of BoB, along with Executive Director Mr. Lalit Tyagi. Other senior officials of BoB, including Head-Large Corporate Relationships, Mr. Sumit Sachdeva, and Head – Credit, Mr. Manoj Chayani, were also present on the occasion.
In recent years, IREDA has actively sought 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.
These collaborations with Union Bank of India and Bank of Baroda mark another step forward in India’s journey toward a sustainable and green energy future. The co-financing of renewable energy projects is poised to accelerate the country’s transition to cleaner and more environmentally friendly sources of energy, contributing to both national development and global environmental goals.
