In news
SJVN Limited, a PSU under Ministry of Power has entered an MoU with Indian Renewable Energy Development Agency Ltd. (IREDA).
MoU Highlights
- IREDA will also assist SJVN in developing an action plan to create and acquire Renewable Energy projects for the next 5 years.
- IREDA, under Ministry of New & Renewable Energy, will provide its services to SJVN for Green Energy projects.
- The MoU highlights IREDA’s continuous efforts for the development of Renewable Energy sector in line Hon’ble Prime Minister’s vision of Aatmanirbhar Bharat.
- It will serve to facilitate knowledge and technology transfer and provide consultancy & research services, which will contribute to driving sustainable development of the country.
Indian Renewable Energy Development Agency (IREDA)
- IREDA is India’s leading financial institution dedicated to clean energy expansion.
- Since its founding under MNRE in 1987, IREDA has financed the largest share of renewable energy projects in India.
- It is a Non-Banking Financial Institution under the administrative control of this Ministry for providing term loans for renewable energy and energy efficiency projects.
- It offers a credit enhancement guarantee scheme to support the issuance of bonds by wind and solar energy project developers.
Aims
- To enhance the credit rating of bonds for renewable energy projects, thereby improving their marketability and liquidity, and attracting lower-cost and longer-term funding for project developers.
- IREDA’s long-term objective is to contribute to the development of a bond market for renewable energy projects in India.
Source: PIB
