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JammuUBI and IREDA enters into MoU to boost renewable energy projects

UBI and IREDA enters into MoU to boost renewable energy projects


NL Corresspondent

Tawi: Union Bank of (UBI) and Indian Renewable Energy Development Agency Limited (IREDA) are pleased to announce the signing of a Memorandum of Understanding (MoU) to foster collaboration and cooperation in various areas of renewable energy and financial assistance. This MOU represents a significant step forward in advancing the goals of sustainable development and renewable energy adoption in India.The MOU was signed in Mumbai today, in the presence of Ms A Manimekhalai, MD & CEO, Union Bank of India & Pradip Kumar Das, CMD, IREDA. Also present on the occasion were Shri Nidhu Saxena & Shri Ramasubramanian S, Executive Directors, Union Bank of India, other Senior Executives of the Bank and Bharat Singh Rajput, GM, IREDA. The MOU comes into effect immediately upon signing and is initially valid for a period of five (5) years. It may be extended further upon mutual consent of the Parties involved, highlighting their long-term commitment to fostering the growth of renewable energy projects in India. Under the terms of the MOU, both Union Bank of India and IREDA have pledged to collaborate on various fronts, including co-originating renewable energy projects, loan syndication and underwriting, management of Third-Party Resources (TRA) for IREDA borrowers, and the potential investment in IREDA Bonds.


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