Indian Renewable Energy Development Agency (IREDA) has signed an agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT), a wholly owned subsidiary of Mahatma Phule Backward Classes Development Corporation (MPBCDC). According to the agreement, IREDA will provide MAHAPREIT with financing for Renewable Energy (RE) programs. These projects will be implemented, among other things, for the infrastructure of Renewable Energy Parks.
The CMD of IREDA, Pradip Kumar Das commented on the agreement, “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 percent share of energy from non-fossil fuels by 2030. Also, these initiatives could encourage green investment and generate thousands of jobs.”
It should be highlighted that IREDA established a specialized Business Development and Consultancy division two years ago in order to address the continually growing demand in the Renewable Energy industry. SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, GSL, and CIPET have signed agreements with IREDA in the previous two years to improve their techno-financial expertise for green energy projects. According to a statement issued by the Ministry of New and Renewable Energy (MNRE), IREDA has already begun work on the majority of these agreements.
Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: “ENERGY FOR EVER” and “Expanding & transitioning renewable energy towards affordability, scalability & establishing sustainability in the country.”
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