IREDA Lends To MAHAPREIT For Green Energy Initiatives

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In the latest development on the green energy front in India, a wholly owned subsidiary of Mahatma Phule Backward Classes Development Corporation (MPBCDC), Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT) has entered into an agreement with Indian Renewable Energy Development Agency Ltd (IREDA). As per the MoU, IREDA will provide financing facilities to MAHAPREIT for the Renewable Energy (RE) initiatives. These projects will be implemented for the infrastructure of Renewable Energy Parks among other things.

The CMD of IREDA, Pradip Kumar Das commented on the agreement, “We are pleased to partner with MAHAPREIT and offer our techno-financial expertise to MAHAPREIT for the sustainable development of Maharashtra. Through this kind of collaboration, we will be able to support the Government of India achieve its target of 50 per cent share of energy from non-fossil fuels by 2030. Also, these initiatives could encourage green investment and generate thousands of jobs.”

It must be noted that two years back, IREDA had set up a specialised Business Development and Consultancy division with the aim to meet the consistently expanding demand in the RE sector. In the last two years, organisations like SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, GSL, and CIPET have signed MoUs with IREDA to imrpove their techno-financial expertise for green energy projects. A statement by the Ministry of New and Renewable Energy (MNRE) noted that IREDA has already started work on most of these MoUs.


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