IREDA inks MoU with NHPC to support renewable energy projects over 5 years

 India’s renewable sector got major impetus recently when the IREDA (Indian Renewable Energy Development Agency) inked an MoU (Memorandum of Understanding) with NHPC Limited, offering its technical expertise in the development of renewable energy projects.

As per the terms and conditions of the agreement, IREDA is planning to undertake the technical as well as financial due diligence of energy efficiency, renewable energy, and conservation projects for NHPC. The agency will assist NHPC in creating an action plan to develop and procure green energy projects for the upcoming five years.

Sources cite that Pradip Kumar Das, chief MD at IREDA, and Abhay Kumar Singh, chief MD at NHPC have signed the agreement. Speaking on which, Mr. Das said that the agreement is a transformational opportunity for NHPC and IREDA to achieve flawless synergy between the two originations. It will facilitate technology and knowledge transfer and offer consultancy and research services, assisting in accelerating the sustainable development of the nation.

He further added that the company is looking forward to extending its consultancy services to other PSUs and private companies for the development of the green energy sector.

For the record, IREDA recently inked a similar deal with SJVN to carry the technical and financial due diligence of energy efficiency, renewable energy, and conservation projects for the company. NHPC and SJVN are both primarily hydropower generating companies.

For IREDA, the MNRE (Ministry of New and Renewable Energy) has set a revenue target of INR 24.06 billion for 2020-21. IREDA has till now financed more than 2,700 green energy projects in India, overall more than 17 GW with cumulative loan disbursement of INR 570 billion of Nov. 2, 2020. The agency also issued an appeal for tenders seeking consultants for renewable energy projects solar and wind under the GBI (Generation-based incentives program).

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