The Indian Renewable Energy Development Agency Limited (IREDA) has signed a MoU with Punjab National Bank (PNB) to promote renewable energy initiatives throughout the country. The agreement facilitates collaborative endeavors in co-lending and loan syndication for various renewable energy projects.
The MoU encompasses several provisions designed to strengthen assistance for renewable energy projects. These provisions encompass joint lending, loan syndication, and underwriting, as well as the management of trust and retention account for IREDA borrowers. The collaboration also involves efforts to establish competitive terms for sanction, including pricing on IREDA borrowings. Additionally, IREDA and PNB have the opportunity to invest in bonds issued by either organisation.
Recently, in January 2024, IREDA and Indian Overseas Bank signed a MoU to collaborate on co-lending and loan syndication for a wide range of renewable energy projects throughout the country.
In December 2023, IREDA introduced its retail segment, with the goal of increasing the focus on lending to consumers in Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan scheme, rooftop solar, and various business-to-consumer sectors.
