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New Delhi : Indian Renewable Energy Development Agency Ltd. (IREDA) on September 6, 2021, signed a Memorandum of Understanding (MoU) with the Tamil Nadu Generation & Distribution Corporation Limited (TANGEDCO), for providing its technical expertise in developing Renewable Energy projects and fund raising.

The MoU was signed by Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, and  Rajesh Lakhoni, CMD, TANGEDCO, in the presence of M K Stalin,  Chief Minister of Tamil Nadu,  and other dignitaries, according to a PIB release.

Under the MoU, IREDA will extend its technical expertise to TANGEDCO for Renewable energy project development, bid process management, and implementation support. IREDA will also assist TANGEDCO in debt raising by developing financial models, assistance in understanding market instrument, underwriting services for the proposed debt requirement, and conducting pre-market surveys, road shows to generate interest amongst prospective investors.

TANGEDCO is planning for 20,000 MW of Solar Power Project with adequate Battery Storage and 3,000 MW of Pumped Storage Hydro Electric Project, and 2,000 MW of Gas Based Power Plant for efficient Renewable integration. The estimated loan required for the above projects is about Rs 1,32,500 Crore approximately. IREDA, as the largest lender of the Renewable Energy sector, is committed to play an important role in the fulfillment of the financial requirements for RE projects.