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Indian Renewable Power Growth Company Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Firm Ltd (IIFCL), to finance renewable power tasks. The MoU will empower IREDA and IIFCL to interact in Co-Lending / Co-Origination and Mortgage Syndication for all classes of Renewable Power tasks, together with Small Hydro tasks. Each organisations will try to additionally repair rates of interest for IREDA borrowings for a interval of three to 4 years. Additional, IIFCL could put money into the bonds issued by IREDA, as per the phrases and situations of the difficulty.
The MoU was signed right now, September 4, 2023, by Chairman & Managing Director, IREDA, Shri Pradip Kumar Das and Managing Director, IIFCL, Shri P R Jaishankar.
Talking on the event, CMD, IREDA mentioned: “We’re happy to associate with IIFCL and supply our techno-financial experience to IIFCL for the growth of Renewable Power sector. With this collaboration, we will assist Govt. of India’s goal of attaining 50% share of our power from non-fossil fuels by the yr 2030. We stay assured that by working collectively, we are going to leverage our strengths and proceed to serve our prospects according to Prime Minister Shri Narendra Modi’s imaginative and prescient of Aatmanirbhar Bharat and a clear and inexperienced India.”
IREDA established a specialised Enterprise Growth and Consultancy division two years in the past to fulfill the rising demand within the RE sector. Prior to now, IREDA has signed MoUs with different central and state companies. This MoU will allow a synergy of inexperienced financing experience of IREDA and Infra financing experience of IIFCL.
Indian Renewable Power Growth Company Ltd. (IREDA) is a PSU underneath the Ministry of New & Renewable Power (MNRE) and India Infrastructure Finance Firm Ltd (IIFCL) is a wholly-owned Authorities of India firm arrange in 2006 to supply long-term monetary help to viable infrastructure tasks.
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