State-owned IREDA partners with BoM to finance renewable energy projects

State-owned Indian Renewable Energy Development Agency (IREDA) on Monday inked an initial pact with Bank of Maharashtra to finance renewable energy projects.

The collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation, according to a statement.

“IREDA has signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM) today, September 18,” the statement said.

The MoU comprises several services, including co-lending and co-origination support for all renewable energy projects, facilitating loan syndication and underwriting, management of trust & retention account for IREDA borrowers,