Indian Renewable Energy Development Agency (IREDA), Union Bank of India (UBI), and Bank of Baroda (BoB) have signed MoU to expedite the growth of clean power in India. With the help of these agreements, IREDA will partner with UBI and BoB to co-finance and syndicate loans for a variety of clean energy projects that utilise both well-established and emerging renewable energy technology.
The banks have a sizable branch network that extends across the entire country. This partnership intends to broaden the reach in tier-2 and tier-3 cities and rural areas, allowing to offer both current and potential clients distinctive and innovative financial support.
Recently in September 2023, IREDA and India Infrastructure Finance Company Limited signed a MoU to fund renewable energy projects, including small hydro projects. Both the organisations would work to establish the interest rates for IREDA borrowings for a period of three to four years.
In August 2023, a MoU was signed between the IREDA and the Ministry of New and Renewable Energy intends to accomplish the goals during the financial years 2023–2024 and 2024–2025, in accordance with instructions issued by the Department of Public Enterprises, Ministry of Finance.