IREDA signs MoU with MAHAPREIT to provide loans for Green Energy projects

Tags: National News

Indian Renewable Energy Development Association Limited (IREDA) yesterday signed a Memorandum of Understanding (MoU) with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (Mahapreet).

IMPORTANT FACTS -

• The MoU was signed by Shri Pradeep Kumar Das, Chairman and Managing Director (CMD) of IREDA and Shri Bipin Shrimali, CMD, Mahapreet.

• As per this MoU, IREDA will provide financial facilities to Mahapreet for the renewable energy projects to be implemented for developing the infrastructure of state utilities, local bodies and renewable energy parks.

• Under this partnership, IREDA will also bear the appropriate techno-financial responsibility of renewable energy and energy efficiency and conservation projects for Mahapreet.

• Through this partnership, we will be able to assist the Government of India in achieving its target of 50% share of energy from non-fossil fuels by 2030.

• This is IREDA's ninth MoU in the last two years to provide consultancy services for the sustainable development of the country.

Indian Renewable Energy Development Agency Limited (IREDA) :

• It was incorporated as a Public Limited Company in the year 1987 as a 'Non-Banking Financial Institution'.

• It is a Miniratna (Category 1) type company functioning under the administrative control of 'Ministry of New and Renewable Energy, Government of India.

• Its function is to encourage projects related to new and renewable energy sources and to provide them financial assistance for their development.

• It has been notified as a 'Public Financial Institution' under section 4'A' of the 'Companies Act, 1956'.