IREDA & IOB Signed MoU for Co-lending Renewable Energy Projects

Current Context: The Memorandum of Understanding (MoU) between the Indian Renewable Energy Development Agency Ltd. (IREDA) and Indian Overseas Bank (IOB) was signed on 16th January 2024 at IREDA’s Business Centre in New Delhi.

• The MoU includes provisions for co-lending and co-origination support for all Renewable Energy projects.
• The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3–4-year period for IREDA borrowings.
• This strategic partnership between IREDA and Indian Overseas Bank marks a significant step in their commitment to accelerate the growth of renewable energy in the country.

Question:

Q.1 When was the MoU between IREDA and IOB signed?
a. January 16th, 2024
b. January 1st, 2024
c. February 14th, 2024
d. March 21st, 2023