Green energy financing is when people and companies give money to help support and invest in renewable energy sources like solar and wind power. In this case, Indian Renewable Energy Development Agency Ltd. (IREDA) and Indian Overseas Bank joined hands to help fund projects that will help make India more environmentally friendly.
IREDA and IOB have agreed to work together on renewable energy projects in India. They will lend money together and help fund different types of renewable energy projects all over the country.
Mr. Pradip Kumar Das, the head of IREDA, said that the partnership between IREDA and Indian Overseas Bank is an important step in helping renewable energy grow in our country. By working together and using our money and resources, we can support many different renewable energy projects. This will help make sure that we have clean energy and take care of our environment.
IREDA is also working with other banks to fund big renewable energy projects, which is in line with the Prime Minister’s goal of having 500 gigawatts of non-polluting electricity by 2030.
The partnership between two organizations will help make it easier for people to get loans for renewable energy projects. They will work together to simplify the process of lending money and deciding on interest rates. This will make it more affordable for people who want to borrow money for projects that use renewable energy.
IREDA has been working together with other banks and financial institutions to help fund Renewable Energy projects in India. They have made agreements with Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited and Bank of Maharashtra to give out loans together. This means they can provide more money for different types of Renewable Energy projects all over the country.
Reference- Press Information Bureau, IREDA, Media Release, Economic Times, Business Standard