Indian Renewable Energy Development Agency (IREDA) and Punjab National Bank (PNB) have inked a pact to co-finance green energy projects across India.

The memorandum of understanding (MoU) has been signed between these two entities at IREDA's office in New Delhi, paving the way for joint efforts in co-lending and loan syndication for a diverse spectrum of renewable energy (RE) 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.

In addition, IREDA and PNB can invest in the bonds issued by either organisation through this collaboration. This strategic partnership between IREDA and PNB marks a significant step in its commitment to accelerate the growth of RE in the country. By combining its strengths and resources, IREDA seeks to provide financial support to renewable projects, fostering sustainability and environmental awareness.

The MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund large-scale renewable energy projects, aligning with the government's goal to achieve 500 GW non-fossil fuel-based electricity generation capacity by 2030.