IREDA and PNB Partner to Boost Renewable Energy in India

The Indian Renewable Energy Development Agency (IREDA) and Punjab National Bank (PNB) have joined forces to advance renewable energy initiatives across India by signing a Memorandum of Understanding (MoU). This collaboration aims to:

• Increase financial support for renewable energy projects: The agreement paves the way for joint lending, loan syndication, and underwriting, making it easier for renewable energy projects to access funding.
• Offer competitive terms: IREDA and PNB will work together to offer competitive loan terms, including pricing, to borrowers.
• Facilitate project development: The MoU also includes the management of Trust and Retention Accounts (TRAs) for IREDA borrowers, further streamlining the project development process.
• Invest in green bonds: Both IREDA and PNB can invest in bonds issued by each other, further supporting the growth of the renewable energy sector.

Building on a Strong Foundation

This partnership strengthens IREDA’s existing network of collaborations with other leading financial institutions, including the Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company, Bank of Maharashtra, and Indian Overseas Bank. These MoUs also focus on co-lending and loan syndication, demonstrating a collective commitment to supporting the renewable energy sector in India.

About IREDA

The Indian Renewable Energy Development Agency (IREDA) is a Mini Ratna (Category-I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). IREDA plays a crucial role in promoting and financing renewable energy initiatives in India.

Conclusion

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