IREDA and Indian Overseas Bank join hands in co-lending for Renewable Energy Projects?
Banking & Finance
Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB), setting the stage for collaborative efforts in co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation. 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 (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3–4-year period for IREDA borrowings.
The agreement was inked at IREDA's Business Centre in New Delhi on 16th January, 2024, by General Manager, IREDA, Dr. R. C. Sharma and Chief Regional Manager, IOB, Shri Anil Kumar in the presence of Chairman & Managing Director of IREDA
Speaking about the MoU, CMD, IREDA Shri Pradip Kumar Das stated: "This strategic partnership between IREDA and Indian Overseas Bank marks a significant step in our commitment to accelerate the growth of renewable energy in the country.
By combining our strengths and resources, we aim to provide robust financial support to a diverse range of Renewable Energy projects, fostering sustainability and environmental awareness.
About Indian Overseas Bank:
CEO: Ajay Kumar Srivastava, Founded: 10 February 1937, Chennai
Headquarters: Chennai, Founder: M. Ct. M. Chidambaram Chettyar
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