Sikkim News Update

Together, PNB and IREDA will co-finance green energy projects

<p>The Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) for the co-lending and loan syndication of renewable energy projects across the nation, which is a significant boost to the country’s financing of renewable energy.</p>
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<p>IREDA and PNB will work together to jointly offer financial support for a range of renewable energy projects, including as solar, wind, small hydro, biomass, etc., via this strategic cooperation. The premier public sector financial organization in India for funding renewable energy is called IREDA.</p>
<p>Co-lending, loan syndication, underwriting, and trust and retention account management are all included in the scope.</p>
<p>This is anticipated to help green energy expand in line with India’s goal of reaching 500GW of non-fossil fuel capacity by 2030.</p>
<p>“The MoU marks a significant milestone in IREDA’s partnerships with leading financial institutions to accelerate renewable capacity additions across India,” the organization stated in a statement about the move. Our goal is to fund various renewable energy projects that promote sustainability and energy security for the country by pooling our financial resources.”</p>
<p>IREDA was founded in 1987 and is a financial support organization that operates under the Ministry of New and Renewable Energy (MNRE). It provides financial support for projects, term loans, working capital loans, and subscriptions to bonds and debentures issued by renewable energy companies.</p>
<p>Through its loan and consulting services, the organization has been instrumental in bringing in investment and increasing the nation’s capacity for renewable energy sources during the last 34 years.</p>
<p>One of India’s biggest and oldest public sector commercial banks is Punjab National Bank (PNB).</p>
<p>By using competitive pricing and effective credit evaluation methods, the IREDA-PNB cooperation will enable financing for both big and small developers of wind farm and solar park projects. In order to fund India’s ambitious renewable energy targets, this strengthens IREDA’s current ties with institutions including Bank of Baroda, Union Bank, and Bank of India, among others.</p>