IREDA collaborates with BoM to fund renewable energy ventures

Indian Renewable Energy Development Agency (IREDA) has signed memorandum of understanding (MoU) with the Bank of Maharashtra to provide financing for renewable energy projects across the country.

The objective of the collaboration is to promote and streamline co-lending and loan syndication for a wide range of renewable energy projects. The MoU encompasses various services, including co-lending and co-origination support for all renewable energy projects, facilitating loan syndication and underwriting, managing trust and retention accounts for IREDA borrowers, and committing to offering stable fixed interest rates for IREDA borrowings over a 3-4 year period. Under this agreement, Bank of Maharashtra can invest in the bonds issued by IREDA in accordance with the specified terms and conditions of the offering.