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IREDA and MAHAPREIT sign an MoU to provide loans for green energy projects

IREDA and MAHAPREIT sign an MoU: The Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT), a fully owned subsidiary of MPBCDC (49% owned by the Government of India and 51% owned by the Government of Maharashtra), and the Indian Renewable Energy Development Agency Ltd. (IREDA) signed a memorandum of understanding.

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IREDA and MAHAPREIT sign an MoU: About the MoU

  • According to the terms of the Memorandum of Understanding, IREDA will provide MAHAPREIT with financing options for the renewable energy projects that will be developed for public utilities, local governments, and the infrastructure of renewable energy parks.
  • The Chairman & Managing Director (CMD) of IREDA, Shri Pradip Kumar Das, and the CMD of MAHAPREIT, Shri Bipin Shrimali, both signed the MoU.
  • As part of this partnership, IREDA will also do techno-financial due diligence on MAHAPREIT‘s initiatives involving renewable energy and energy efficiency and conservation.

IREDA and MAHAPREIT sign an MOU: Goals of the MoU

  • It will help to assist the Indian government in achieving its goal of obtaining 50% of its energy from non-fossil fuels by 2030.
  • These programmes might promote green investment and create thousands of employment.
  • To satisfy the expanding demand in the RE industry, IREDA created a specialised Business Development and Consultancy branch two years ago.
  • This is the eleventh Memorandum of Understanding that IREDA has signed in the previous two years to offer consultation services for the nation’s sustainable development.
  • To improve their techno-financial expertise for green energy projects, SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, GSL, and CIPET have signed Memorandums of Understanding with IREDA. IREDA has already begun working on the majority of the MoUs.

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