Speed Post News Network
New Delhi : Indian Renewable Energy Development Agency Ltd. (IREDA) on November 30, 2021, signed a Memorandum of Understanding (MoU) with Brahmaputra Valley Fertiliser Corporation Limited (BVFCL) for providing its techno-financial expertise in developing Renewable Energy projects and fund raising. The two companies are PSUs under Ministry of New & Renewable Energy and Ministry of Chemicals & Fertilizers respectively.
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. Under the MoU, IREDA will undertake Techno-Financial due diligence of Renewable energy, Green Hydrogen, Green Ammonia, Energy Efficiency & conservation projects for BVFCL. IREDA will assist BVFCL in developing an action plan to create and acquire Renewable Energy projects for the next 5 years, according to a PIB release.
CMD, IREDA, Das while singing the MoU said that IREDA believes this collaboration will inspire other companies of Chemical & Fertiliser sector like BVFCL to cut carbon emissions and being environment friendly. It is a way forward for IREDA to play key-role for development of North-East India through Green Energy. Das further underlined that this MoU will support in contributing to achieve Govt. of India target of reducing its carbon emission to 45% by 2030 in line with commitment made by Prime Minister Narendra Modi in CoP 26.
The Ministry of New and Renewable Energy had recently 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 had signed MoUs with SJVN, NHPC, TANGEDCO, and NEEPCO, to extend its Techno-Financial expertise for Green Energy projects.