Ireda partners with banks to boost renewable energy projects in India

To accelerate the growth of renewable energy (RE) in India, the Indian Renewable Energy Development Agency Ltd (Ireda) signed memorandums of understanding (MoUs) with the Union Bank of India (UBI) and Bank of Baroda (BoB) on Tuesday. As part of the agreement, Ireda and the respective banks will focus on co-lending and loan syndication for a broad spectrum of renewable energy projects, encompassing both established and emerging RE technologies.

This collaboration aims to extend especially in tier-2 & tier-3 cities and rural areas. With both banks already having an extensive reach across the country, the partnership aims to offer “unique and innovative financial support to existing and new customers.”