IREDA signs MoU with IIFCL to Co-Finance Renewable Energy Projects

Current Context: On September 4, 2023, IREDA and IIFCL signed a Memorandum of Understanding (MoU) to co-finance renewable energy projects, including small hydro projects.The MoU will empower IREDA and IIFCL to engage in co-lending/co-origination and loan syndication for all categories of renewable energy projects.

• Both organizations will also strive to fix interest rates for IREDA borrowings for a period of three to four years. Further, IIFCL may invest in the bonds issued by IREDA as per the terms and conditions of the issue.
• The MoU was signed by Shri Pradip Kumar Das, Chairman & Managing Director, IREDA and Shri P R Jaishankar, Managing Director, IIFCL. The MoU will enable a synergy of green financing expertise of IREDA and infra financing expertise of IIFCL.
• The CMD of IREDA said that the partnership with IIFCL will support the Govt. of India’s target of achieving 50% share of energy from non-fossil fuels by 2030 and serve the vision of Aatmanirbhar Bharat and a clean and green India.

Question:

Q.1 Which PSU under the Ministry of New & Renewable Energy (MNRE) signed a MoU with IIFCL to co-finance renewable energy projects?
a. NTPC
b. NHPC
c. IREDA
d. SECI