Indian Renewable Energy Development Agency Limited (IREDA) and Rural Electrification Corporation Limited (REC) signed a Memorandum of Understanding (MoU) for working together to promote renewable energy development across the country on September 26, 2018.
Financing of about Rs 732 billion (USD 100 billion) is required in the next four years to achieve the target of 175 GW of renewable energy by the year 2022. REC and IREDA have come together to meet the financing requirement of the sector.