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IREDA Inks MoUs with Union UBI, Bank of Baroda for Renewable Energy Projects

  • Posted on September 5, 2023
  • Business
  • By Sunshine
  • 363 Views
IREDA, Union Bank of India, Bank of Baroda, renewable energy projects, MoUs, co-financing


The Indian Renewable Energy Development Agency Ltd. (IREDA) on September 5 signed MoUs with the Union Bank of India (UBI) and the Bank of Baroda (BoB) to facilitate the development of renewable energy in India. 



By signing these MoUs, IREDA and UBI and BoB can work together to co-lend and syndicate loans for a wide range of renewable energy projects, including those that use both well-established and cutting-edge technology.


IREDA
IREDA collaborates with UBI and BoB to boost renewable energy projects in India, expanding reach and support.


The Chairman and Managing Director of IREDA, Pradip Kumar Das, has spoken highly of these partnerships, noting the widespread reach of both Union Bank of India and Bank of Baroda's branch networks. 



The collaborations are made so that they can reach more people, especially in tier-2 and tier-3 cities and rural areas, with their unique brand of financial assistance. The goals of the Prime Minister, which include self-sufficiency for India and long-term economic growth, are well served by this strategic partnership.


co-financing
The collaborations are made so that they can reach more people, especially in tier-2 and tier-3 cities and rural areas.

Bharat Singh Rajput, General Manager (Technical Services), IREDA, and Dhirendra Jain, General Manager (Large Corporate Vertical), Union Bank of India, signed the Memorandum of Understanding (MoU). 



A. Manimekhalai, Managing Director & CEO of UBI, was among the high-ranking authorities present at the signing event.



Rajput and Dhiren Lalai, BoB's General Manager, both signed an MOU on behalf of their respective organisations. 



Debadatta Chand, MD & CEO of BoB, and Lalit Tyagi, Executive Director, were present at the occasion. Sumit Sachdeva, Head-Large Corporate Relationships, and Mr. Manoj Chayani, Head-Credit, were among the other distinguished BoB guests.



To use its technological and financial skills for the benefit of the renewable energy sector, IREDA has been aggressively establishing collaborations with various Central and State organisations, as well as financial institutions. With the help of Union Bank of India and Bank of Baroda, renewable energy projects in India will have more financial backing and easier access to funding.




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