Bank of Baroda and IREDA Forge Alliance to Boost India’s Renewable Energy Sector

Memorandum of Understanding Paves the Way for Co-Lending and Loan Syndication in Renewable Energy Projects

In a significant development for India’s renewable energy sector, Bank of Baroda, one of the nation’s leading public sector banks, has announced the signing of a Memorandum of Understanding (MoU) with the Indian Renewable Energy Development Agency Ltd. (IREDA). This MoU aims to foster co-lending and loan syndication for a wide spectrum of Renewable Energy (RE) projects, thereby accelerating the growth of renewable energy sources in India.

The official signing of this agreement took place in the presence of key figures in the industry, including Shri Pradip Kumar Das, CMD of IREDA, Shri Debadatta Chand, MD & CEO of Bank of Baroda, and Shri Lalit Tyagi, Executive Director of Bank of Baroda.

The collaboration between IREDA and Bank of Baroda through this MoU will empower them to engage in co-lending activities for renewable energy projects, encompassing both well-established and emerging RE technologies.

Shri Lalit Tyagi, Executive Director of Bank of Baroda, expressed the bank’s commitment to the renewable sector, stating, “Financing the renewable sector is one of the primary focus areas for the Bank, and this MOU is a significant step in this direction. Bank of Baroda will leverage this partnership to fund more renewable projects in India.”

Shri Pradip Kumar Das, CMD of IREDA, highlighted the bank’s extensive nationwide presence and network of branches, which will enable them to extend their reach, particularly in tier-2 & tier-3 cities and rural areas. This collaborative effort aims to provide unique and innovative financial support to existing and new customers, aligning with the vision of the Hon’ble Prime Minister for Atmanirbhar Bharat (self-reliant India) and sustainable growth.