The Indian Renewable Energy Development Agency (IREDA) on Monday, signed a memorandum of understanding (MoU) with the Tamil Nadu Generation & Distribution Corporation (TANGEDCO) to provide technical expertise in developing renewable energy projects and fundraising.
The MoU was signed by Pradip Kumar Das, Chairman & Managing Director, IREDA and Rajesh Lakhoni, CMD, Tangedco in the presence of Tamil Nadu chief minister M.K. Stalin and other dignitaries.
Under the MoU, IREDA will extend technical expertise to Tangedco for renewable energy project development, bid process management, and implementation support. IREDA will also assist Tangedco in debt raising through developing financial models, understanding market instruments, underwriting services for debt requirements, and conducting pre-market surveys, besides roadshows to generate interest amongst prospective investors.
Speaking on the occasion, Mr Das said “The MoU highlights IREDA’s continuous efforts for the development of the renewable energy sector in line with the Prime Minister’s vision of Aatmanirbhar Bharat. This is a transformational opportunity for IREDA and Tangedco to achieve perfect synergy between the two organizations.
“It will facilitate knowledge sharing and provide consultancy services, which will contribute to driving the sustainable development of the country. We look forward to extending our consultancy services to other State governments as well to develop the renewable energy sector.”
Tangedco is planning 20,000 MW solar power projects, with required battery storage, 3,000 MW of pumped storage hydroelectric projects, and 2,000 MW of gas-based power plants for efficient renewable integration.
The estimated loan required for these projects is about Rs.1,32,500 crores. IREDA, as the largest lender in the renewable energy sector, plays an important role in the fulfilment of the financial requirements for RE projects.
In May this year, IREDA invited bids to set up manufacturing capacities for vertically integrated high-efficiency solar modules under the PLI programme.