BVFCL and IREDA signs a MoU for developing renewable energy and generating funds

Brahmaputra Valley Fertiliser Corporation Limited (BVFCL) and Indian Renewable Energy Development Agency Limited (IREDA) have signed an agreement for IREDA to provide its techno-financial expertise in building renewable energy projects and generating funds. Both organisations are public sector undertakings under the Ministry of Chemicals and Fertilizers  and the Ministry of New and Renewable Energy, respectively.

Under the MoU, IREDA will conduct techno-financial due diligence for BVFCL on renewable energy, green hydrogen, green ammonia, energy efficiency, and conservation projects. IREDA will work with BVFCL to design a five-year action plan for developing and acquiring renewable energy projects. As per a company statement, the MoU is expected to help the corporation meet its aim of lowering carbon emissions by 45 per cent by 2030, in keeping with the prime minister’s commitment in CoP 26.

The Ministry of New and Renewable Energy recently stated that the country’s total installed renewable energy capacity, including hydro, has surpassed 150 GW, with IREDA supporting more than 19 GW of that capacity.

In November 2021, under the production-linked incentive (PLI) programme, the IREDA released the list of winning bidders for putting up manufacturing capabilities for a minimum of 10 GW of vertically-integrated high-efficiency solar modules. The PLI of Rs 44.50 billion was announced by IREDA for a total capacity of 10,483 MW. For a capacity of 4 GW each, Jindal India Solar Energy was given a PLI of Rs 13.90 billion and Shirdi Sai Electricals was awarded a PLI of Rs 18.75 billion. For a capacity of 2,483 MW, Reliance New Energy Solar was awarded a PLI of Rs 11.90 billion.

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