NEW DELHI: State-owned renewable sector non-banking finance company IREDA and Punjab National Bank have inked a pact to co-finance green energy projects across the country.
“Indian Renewable Energy Development Agency (IREDA) and Punjab National Bank (PNB) have joined hands through the signing of a Memorandum of Understanding (MoU) aimed at advancing renewable energy initiatives across the nation,” a statement said.
According to the statement, the agreement, signed at IREDA’s office on Monday, paves the way for joint efforts in co-lending and loan syndication for a diverse spectrum of renewable energy projects.
RC Sharma, general manager, IREDA, and Rajeeva, chief general manager, PNB, signed the MoU in the presence of Pradip Kumar Das, CMD, IREDA, and Atul Kumar Goel, MD-CEO of PNB.
Das said in the statement, “This strategic partnership between IREDA and PNB marks a significant step in our commitment to accelerate the growth of renewable energy in the country. By combining our strengths and resources, we aim to provide robust financial support to a diverse range of renewable energy projects, fostering sustainability and environmental awareness.”
The agreement comprises various provisions aimed at enhancing support for renewable energy projects. These include joint lending, loan syndication and underwriting, management of Trust and Retention Account for IREDA borrowers, and working towards competitive terms of sanction, including pricing on IREDA borrowings.