Indian Renewable Energy Development Agency Ltd. and Punjab National Bank have joined hands through the signing of 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, paves the way for joint efforts in co-lending and loan syndication for a diverse spectrum of Renewable Energy projects. Dr. R. C. Sharma, General Manager of IREDA, and Shri Rajeeva, Chief General Manager of PNB, signed the MoU in the presence of Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, Shri Atul Kumar Goel, MD & CEO of PNB, Dr. Bijay Kumar Mohanty, Director (Finance) of IREDA, along with senior officials from both organizations.

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. Also, both IREDA and PNB can invest in the Bonds issued by either organization through this collaboration.

This collaboration further strengthens IREDA's successful partnerships with other prominent financial institutions, including Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank. These MoUs similarly focus on co- lending and loan syndication for a wide range of Renewable Energy projects across the country.