IREDA and Indian Overseas Bank Collaborate to Finance Renewable Energy Projects
| IOP Desk - 18 Jan 2024

IOP News Desk

New Delhi, Jan 18, 2024: Indian Renewable Energy Development Agency Ltd. (IREDA) and Indian Overseas Bank (IOB) have signed a Memorandum of Understanding (MoU) to work together in co-lending and loan syndication for various Renewable Energy projects in India.

The partnership aims to simplify the loan syndication and underwriting processes, manage the Trust and Retention Account (TRA) for IREDA borrowers, and establish fixed interest rates for IREDA borrowings over a 3-4 year period.

The agreement was signed at IREDA's Business Centre in New Delhi on January 16, 2024, by Dr. R. C. Sharma, General Manager of IREDA, and Shri Anil Kumar, Chief Regional Manager of IOB. The signing ceremony was attended by Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, Shri Ajay Kumar Srivastava, MD & CEO of IOB, and Dr. Bijay Kumar Mohanty, Director (Finance) of IREDA.

Shri Pradip Kumar Das, CMD of IREDA, expressed his thoughts on the MoU, stating, "This strategic partnership between IREDA and Indian Overseas Bank is a significant step towards accelerating the growth of renewable energy in our country. By combining our strengths and resources, we aim to provide strong financial support to a wide range of Renewable Energy projects, promoting sustainability and environmental awareness. With this MoU and our previous agreements with other leading financial institutions, IREDA is well-equipped to fund large-scale renewable energy projects, aligning with the Hon'ble Prime Minister's COP26 announcement of achieving a 500 GW Non-Fossil-based electricity generation capacity by 2030."

This collaboration builds upon IREDA's successful partnerships with other prominent financial institutions, such as Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, and Bank of Maharashtra. These MoUs also focus on co-lending and loan syndication for a wide range of Renewable Energy projects across the country.

Please Subscribe: https://www.facebook.com/IndianObserverPost


---------------------------------------------------------------------------------------------------------------------------------------------------------------

INDIAN OBSERVER POST (IOP) is a Class, Creative, and Constructive News platform which publishes ONLY exclusive and Special News / Views / Interviews / Research Articles / Analysis / Columns / Features and Opinions on the national and international issues, politics, security, energy, innovation, infrastructure, rural, health, education, women, and entertainment. Email – editor@indianobserverpost.com


INDIAN OBSERVER POST (Eng) -www.indianobserverpost.com

INDIAN OBSERVER POST (Hindi) -www.indianobserverpost.in

IOP ON FACEBOOK - https://bit.ly/2SlmpLA

IOP TEAM BUREAUS & WRITERS - https://bit.ly/2LxOU2I

---------------------------------------------------------------------------------------------------------------------------------------------------------------

(Onkareshwar Pandey is Founder, Editor in Chief & CEO, Indian Observer Post and former Senior Group Editor- Rashtriya Sahara (Hindi & Urdu) and also former Editor, (News), ANI. http://bit.ly/2mh7hih Email - SMS- 9910150119)


---------------------------------------------------------------------------------------------------------------------------------------------------------------

GOLDEN SIGNATURES RESEARCH & CONSULTING (GSRC)

CONTACT US FOR -COFFEE TABLE BOOKS I KNOWLEDGE EVENTS I PR I ADVERTISING I BRAND BUILDING I DIGITAL TRANSFORMATION I VIDEO CONTENT I SOCIAL MEDIA I EXTERNAL COMMUNICATIONS I SECTOR EXPERTISE I GLOBAL OUTREACH I MARKET SURVEY I And - GOLDEN SIGNATURE AWARDS I E -goldensignatures20@gmail.com

---------------------------------------------------------------------------------------------------------------------------------------------------------------

Browse By Tags