Bank of Baroda signs MoU with IREDA to co-finance renewable energy projects

CHENNAI: Bank of Baroda (Bank) has signed a memorandum of understanding (MoU) with Indian Renewable Energy Development Agency Ltd (IREDA). This MoU will facilitate co-lending and loan syndication for a wide range of renewable energy (RE) projects and accelerate growth of renewable energy in India.
A statement said the MoU would empower IREDA and Bank of Baroda to collaborate in co-lending for renewable energy projects, including both established and emerging RE technologies.
It was signed in the presence of Pradip Kumar Das, CMD of IREDA, and Debadatta Chand, MD & CEO of Bank of Baroda, along with Lalit Tyagi, executive director, Bank of Baroda.
Lalit Tyagi said, “Financing the renewable sector is one of the primary focus areas for the bank, and this MoU is a significant step in this direction. The bank will leverage this partnership to fund more renewable projects in India.”
Pradip Kumar Das said, “This collaboration aims at extending our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers.”