IREDA-PNB join hands to Co-Finance Renewable Energy Projects
Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) together aim at advancing renewable energy initiatives across the nation. The agreement, signed at IREDA's registered office in New Delhi, paves the way for joint efforts in co-lending and loan syndication for
Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) together aim at advancing renewable energy initiatives across the nation. The agreement, signed at IREDA's registered office in New Delhi, paves the way for joint efforts in co-lending and loan syndication for a diverse spectrum of renewable energy projects.
The agreement comprises various provisions aimed at enhancing support for renewable energy projects. These include joint lending, loan syndication and underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and working towards competitive terms of sanction, including pricing on IREDA borrowings. Through the collaboration, IREDA and PNB can also invest in bonds issued by either organisation.
The MoU was signed by General Manager of IREDA Dr R C Sharma, and Chief General Manager of PNB Rajeeva, in the presence of Chairman & Managing Director of IREDA Pradip Kumar Das, MD & CEO of PNB Atul Kumar Goel, Director (Finance) of IREDA Dr Bijay Kumar Mohanty, and other senior officials from both organisations.
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