IREDA partners with Union Bank of India, Bank of Baroda to co-finance green energy projects
Sep 05, 2023
New Delhi [India], September 5 : In another step towards accelerating the growth of renewable energy in India, the Indian Renewable Energy Development Agency (IREDA) has signed Memorandums of Understanding with Union Bank of India (UBI) and Bank of Baroda (BoB) aimed at ending and loan syndication for a wide range of renewable energy projects.
Expressing his happiness about these partnerships, CMD of IREDA, Pradip Kumar Das said both the banks have an extensive nationwide presence which will help extend the reach.
“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,” Das 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.
