IREDA and Punjab National Bank Join Forces to Boost Renewable Energy Initiatives

New Delhi:  In a significant move towards advancing India’s renewable energy landscape, the Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) inked a Memorandum of Understanding (MoU) at IREDA’s registered office in New Delhi today. The agreement aims to foster collaboration in co-lending and loan syndication for a diverse range of renewable energy projects across the nation.

The MoU outlines key provisions to strengthen support for renewable energy initiatives. These include joint lending, loan syndication, underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and working towards competitive terms of sanction, including pricing on IREDA borrowings. The collaboration also allows IREDA and PNB to invest in bonds issued by either organization.

The signing ceremony took place in the presence of senior officials, including Chairman & Managing Director of IREDA Shri Pradip Kumar Das, MD & CEO of PNB Shri Atul Kumar Goel, Director (Finance) of IREDA Dr. Bijay Kumar Mohanty, General Manager of IREDA Dr. R. C. Sharma, and Chief General Manager of PNB Shri Rajeeva.

Chairman & Managing Director of IREDA, Shri Pradip Kumar Das, expressed his optimism about the partnership, stating, “This strategic collaboration between IREDA and PNB signifies a significant step in our commitment to accelerating the growth of renewable energy in the country. By leveraging our combined strengths and resources, we aim to provide robust financial support to a diverse range of renewable energy projects, fostering sustainability and environmental awareness. 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 Hon’ble Prime Minister’s COP26 announcement to achieve a 500 GW Non-Fossil-based electricity generation capacity by 2030.”

IREDA’s collaboration with PNB adds another notable partnership to its portfolio, which already includes agreements with Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank. These partnerships are instrumental in facilitating co-lending and loan syndication for various renewable energy projects across the nation, contributing significantly to India’s renewable energy goals.