IREDA gains on signing MoU with PNB to co-finance green energy projects

The two parties have joined hands to work on advancing renewable energy initiatives across the country and providing support to such projects.

These provisions include joint lending, loan syndication and underwriting, management of a Trust and Retention Account (TRA) for IREDA borrowers, while working towards competitive terms of sanction, which includes pricing on IREDA borrowings.

As per the details of the MoU, both parties (IREDA and PNB) are free to invest in the Bonds issued by any of the two organisations.

The said collaboration further strengthens IREDA's successful partnerships with other key financial institutions, including Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Ltd, Bank of Maharashtra, and Indian Overseas Bank, the company said in a press release.

“Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund large-scale renewable energy projects, aligning with the Prime Minister’s COP26 announcement to achieve a 500 GW non-fossil-based electricity generation capacity by 2030,” said Pradip Kumar Das, the Chairman and Managing Director of IREDA.

Shares of IREDA were trading flat, marginally up by 0.11% at ₹178.15 apiece on NSE at 3:07 PM.