IREDA signs MoU with Indian Overseas Bank

For financing of renewable energy projects

renewable energy

Indian Renewable Energy Development Agency (IREDA) and Indian Overseas Bank have signed MoU to collaborate on co-lending and loan syndication for a wide range of renewable energy projects throughout the country.

The MoU covers a variety of services, including co-lending and co-origination assistance for all renewable energy projects. The partnership’s objectives are to administer trust and retention accounts for IREDA borrowers, expedite loan syndication and underwriting procedures, and move toward fixed interest rates for IREDA borrowings over a three- to four-year period.

In December 2023, IREDA introduced its retail segment, with the goal of increasing the focus on lending to consumers in Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan scheme, rooftop solar, and various business-to-consumer sectors.

In October 2023, IREDA had been upgraded from Schedule B to Schedule A category of Central Public Sector Enterprises. In September 2023, a MoU was signed between IREDA and the Bank of Maharashtra to encourage and make loan syndication and co-lending easier for a range of renewable energy projects across the country.

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