Indian Renewable Energy Development Agency (IREDA) recently signed a memorandum of understanding (MoU) with the Union Bank of India and Bank of Baroda to accelerate the growth of renewable energy projects in the country.
According to a statement, The partnership will enable the financing of a wide range of renewable energy projects and emerging technologies. It will extend IREDA’s reach, particularly in tier-2 & tier-3 cities and rural areas.
Pradip Kumar Das, CMD of IREDA, said, "Both Union Bank of India and Bank of Baroda have an extensive nationwide presence with a vast network of branches. This collaboration aims to extend our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers.
"We are confident that by combining our strengths and resources, we will continue to serve our customers in alignment with the vision of the Hon’ble Prime Minister for Atmanirbhar Bharat and sustainable growth," Pradip said.
In recent years, IREDA has been actively encouraging partnerships with various Central and State agencies as well as financial institutions to leverage its techno-financial expertise for the development of the renewable energy sector.