IREDA and Punjab National Bank join hands to Co-Finance Renewable Energy Projects

Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) aimed at advancing renewable energy initiatives across the nation. The agreement, signed at IREDA’s registered office in New Delhi today February 19, 2024, paves the way for joint efforts in co-lending and loan syndication for a diverse spectrum of renewable energy projects.

The MoU 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 organization.

The MoU was signed by General Manager of IREDA Dr. R. C. Sharma, and Chief General Manager of PNB Shri Rajeeva, in the presence of Chairman & Managing Director of IREDA Shri Pradip Kumar Das, MD & CEO of PNB Shri Atul Kumar Goel, Director (Finance) of IREDA Dr. Bijay Kumar Mohanty, and other senior officials from both organizations.