IREDA to provide loans to MAHAPREIT for green energy projects
Aug 22, 2022
New Delhi [India], August 22 : Indian Renewable Energy Development Agency Ltd (IREDA) has signed an agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT) to provide loans for green energy projects.
MAHAPREIT is a wholly owned subsidiary of Mahatma Phule Backward Classes Development Corporation (MPBCDC), which is 49 per cent owned by the Government of India and 51 per cent owned by the Government of Maharashtra.
An MoU between the two organisations was signed in this regard on Sunday.
In accordance with the MoU, IREDA will offer financing facilities to MAHAPREIT for the Renewable Energy projects to be implemented for state utilities, local bodies and the infrastructure of Renewable Energy Parks, according to an official statement released by the Ministry of New and Renewable Energy.
The MoU was signed by Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA and Bipin Shrimali, CMD, MAHAPREIT. Under this collaboration, IREDA will also undertake Techno-Financial due diligence of Renewable Energy and Energy Efficiency & Conservation projects for MAHAPREIT.
"We are pleased to partner with MAHAPREIT and offer our techno-financial expertise to MAHAPREIT for the sustainable development of Maharashtra. Through this kind of collaboration, we will be able to support the Government of India achieve its target of 50 per cent share of energy from non-fossil fuels by 2030. Also, these initiatives could encourage green investment and generate thousands of jobs," said Pradip Kumar Das, CMD, IREDA.
IREDA established a specialised Business Development and Consultancy division two years ago to meet the growing demand in the RE sector.
This is the ninth MoU inked by IREDA in the last two years to provide consultation services for the sustainable development of the country. SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, GSL, and CIPET have signed MoUs with IREDA to enhance their techno-financial expertise for green energy projects and IREDA has already started work on most of the MoUs, the Ministry of New and Renewable Energy noted in the statement.
