The Indian Renewable Energy Development Agency Ltd. (IREDA) on Tuesday signed a Memorandum of Understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Limited (BVFCL) for providing its techno-financial expertise in developing Renewable Energy projects and fundraising.
Under the MoU, IREDA would undertake Techno-Financial due diligence of Renewable energy, Green Hydrogen, Green Ammonia, Energy Efficiency & conservation projects for BVFCL. IREDA would also assist BVFCL in developing an action plan to create and acquire Renewable Energy projects for the next 5 years.
CMD, IREDA Dr Siba Prasad Mohanty while signing the MoU said that IREDA believed this collaboration would inspire other companies in the Chemical and Fertilizer sector like BVFCL to cut carbon emissions and be environment friendly. It is a way forward for IREDA to play a key role in the development of North-East India through Green Energy.
He further underlined that this MoU would contribute to achieving the Government of India target of reducing its carbon emission to 45% by 2030 in line with the commitment made by Prime Minister Narendra Modi in CoP 26. Recently, the Ministry of New and Renewable Energy has announced that the country’s total installed Renewable Energy capacity, including hydro, crossed 150 GigaWatt and out of 150 GW, IREDA has supported more than 19 GW RE installation in the country.
The MoU with BVFCL is the fifth one signed by IREDA within one year. Earlier, IREDA has signed MoUs with SJVN, NHPC, TANGEDCO and NEEPCO to extend its Techno-Financial expertise for Green Energy projects.
The MoU was signed by Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA and Dr. Siba Prasad Mohanty, CMD, BVFCL in the presence of Chintan Shah, Director (Technical), IREDA, Dr. R. C. Sharma, CFO, IREDA, and other senior officials.