Indian Renewable Energy Development Agency Limited (IREDA) and Indian Overseas Bank (IOB) have signed of a memorandum of understanding (MoU) for collaborative efforts in co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation.
Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund largescale renewable energy projects, aligning with the COP26 announcement to achieve a 500 GW non-fossil-based electricity generation capacity by 2030. Encompassing a range of services, the MoU includes provisions for co-lending and co-origination support for all renewable energy projects. The partnership aims to streamline loan syndication and underwriting processes, management of trust and retention account for IREDA borrowers, and work towards fixed interest rates over a 3–4 year period for IREDA borrowings.
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