The Indian Renewable Energy Development Agency Ltd (IREDA) has signed a Memorandum of Understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Limited (BVFCL) to provide its techno-financial expertise in developing renewable energy projects and fundraising. The two companies are controlled by the Ministry of New & Renewable Energy and Ministry of Chemicals & Fertilizers, respectively.
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 five years.
Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, said, “IREDA believes this collaboration will inspire other companies of the chemical and fertilizer sector like BVFCL to cut carbon emissions and being environment friendly. It is a way forward for IREDA to play a key role in the development of North-East India through green energy.
Das further underlined that this MoU will support in contributing to achieving the government of India’s target of reducing the nation’s 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 GW. Out of this, IREDA has supported more than 19 GW RE installations 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.
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