CURRENT AFFAIRS : BANKING & FINANCE
IREDA signs MoUs with Bank of Maharashtra for Financing Renewable Energy Projects
- Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy, has signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM).
- This collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation.
- The MoU comprises several services including co-len ding and co-origination support for all Renewable Energy projects, facilitating loan syndication and underwriting, management of Trust & Retention Account for IREDA borrowers, and a commitment to establishing stable fixed interest rates spanning a period of 3-4 years for IREDA borrowings.
