The Indian Renewable Energy Development Agency Limited (IREDA) has signed a MoU with the Central Institute of Petrochemicals Engineering & Technology (CIPET) to provide its techno-financial expertise for the solarisation of CIPET campuses. The Ministry of New and Renewable Energy and the Ministry of Chemicals and Fertilisers, respectively, oversee the two organisations.
The Indian government aims to get 50 per cent of its energy from renewable sources. To satisfy the growing demand in the renewable energy business, IREDA developed a specialised business development and consultancy section in 2020. This is IREDA’s eighth MoU in the previous 16 months to provide consultancy services. SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, and GSL have already signed MoUs with IREDA to improve their technological and financial competence for green energy projects. IREDA intends to expand its consultation services to other PSUs and private companies in order to boost the renewable energy sector’s overall growth.
In January 2022, the Cabinet Committee on Economic Affairs approved a Rs 15 billion equity infusion into IREDA. This equity infusion is expected to contribute to the creation of about 10,200 jobs per year and the reduction of approximately 7.49 million tonnes of carbon dioxide equivalent emissions per year.