IREDA signs MoU with IIFCL to fund renewable energy projects

The Indian Renewable Energy Development Agency (IREDA) and India Infrastructure Finance Company Limited have signed a MoU to fund renewable energy projects. The MoU will enable IREDA and IIFCL to co-finance, co-originate, and syndicate loans for all types of renewable energy projects, including small hydro projects.

For a period of three to four years, both organisations will work to establish the interest rates for IREDA borrowings. Furthermore, IIFCL may also invest in the bonds issued by IREDA. This partnership will enable IREDA to support the Indian government’s goal of getting 50 per cent of energy from non-fossil sources by 2030.

Recently, in August 2023, a MoU was signed between the IREDA and the Ministry of New and Renewable Energy which specified goals that IREDA intended to accomplish during the financial years 2023–2024 and 2024–2025.

In December 2022, IREDA signed a loan agreement for Rs 44.4471 billion with SJVN Green Energy Limited for a 1,000 MW solar power project at Bikaner, Rajasthan which would be connected to the Bikaner-II 400/220 kV substation.