IREDA and IIFCL team up to finance renewable energy projects

IREDA and IIFCL team up to finance renewable energy projects

• Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects.
• The MoU will empower IREDA and IIFCL to engage in Co-Lending / Co-Origination and Loan Syndication for all categories of Renewable Energy projects, including Small Hydro projects. Both organisations will strive to also fix interest rates for IREDA borrowings for a period of three to four years. Further, IIFCL may invest in the bonds issued by IREDA, as per the terms and conditions of the issue.
• IREDA established a specialised Business Development and Consultancy division two years ago to meet the growing demand in the RE sector. In the past, IREDA has signed MoUs with other central and state agencies.  This MoU will enable a synergy of green financing expertise of IREDA and Infra financing expertise of IIFCL.
• Indian Renewable Energy Development Agency Ltd. (IREDA) is a PSU under the Ministry of New & Renewable Energy (MNRE) and India Infrastructure Finance Company Ltd (IIFCL) is a wholly-owned Government of India company set up in 2006 to provide long-term financial assistance to viable infrastructure projects.

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Published date : 05 Sep 2023 03:37PM