IREDA to provide loans to MAHAPREIT for Green Energy Projects
Indian Renewable Energy Development Agency Ltd. (IREDA) signed an MoU with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT), a wholly owned subsidiary of MPBCDC (49% owned by Govt. of India and 51% owned by Govt. of Maharashtra) yesterday. According to the terms of the Memorandum of Understanding, IREDA will provide MAHAPREIT with financing options for the renewable energy projects that will be developed for public utilities, local governments, and the infrastructure of renewable energy parks.
The Chairman & Managing Director (CMD) of IREDA, Shri Pradip Kumar Das, and the CMD of MAHAPREIT, Shri Bipin Shrimali, both signed the MoU. As part of this partnership, IREDA will also do techno-financial due diligence on MAHAPREIT’s initiatives involving renewable energy and energy efficiency and conservation.
“We are glad to cooperate with MAHAPREIT and give our techno-financial experience to MAHAPREIT for the sustainable growth of Maharashtra,” stated CMD, IREDA, speaking at the event. We will be able to assist the Indian government in achieving its goal of obtaining 50% of its energy from non-fossil fuels by 2030 through this kind of cooperation. Additionally, these programs might promote green investment and create thousands of employment.
To satisfy the expanding demand in the RE industry, IREDA created a specialized Business Development and Consultancy branch two years ago. This is the eleventh Memorandum of Understanding that IREDA has signed in the previous two years to offer consultation services for the nation’s sustainable development. To improve their techno-financial expertise for green energy projects, SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, GSL, and CIPET have signed Memorandums of Understanding with IREDA. IREDA has already begun working on the majority of the MoUs.