OMC Power has announced a long-term relationship agreement with the Indian Renewable Energy Dev Agency Ltd. (IREDA) towards building a rural renewable energy ecosystem.
In a welcome move by the IREDA, OMC will be getting economic support for setting up Renewable energy plants to provide sustainable energy in the villages of Uttar Pradesh. Currently, OMC Power has 280 renewable energy plants across Uttar Pradesh and Bihar.
OMC Power plans to expand its footprint to 1000 sites to drastically reduce the Carbon footprint in rural India. The role of renewable energy is pivotal in the fight against climate change and seamlessly catering to the energy needs of tomorrow. The energy sector needs collaborative measures to exacerbate the perils of global warming.
Under IREDA’s “Access to Energy” scheme, this partnership will look to achieve long-term sustainability by supplying green and clean energy in rural areas. The main objective of the scheme is to increase the supply and use of sustainable clean energy services in rural areas through improved access to financing for project developers. The facility has been backed by KFW, the German Development Bank. This will also boost the overall economic strata of rural areas in a systematic manner. The long-term engagement of OMC and IREDA will further deepen and strengthen the shared vision of sustainable energy development for a better and brighter tomorrow. “We are delighted and grateful to IREDA for the trust imposed on OMC’s model of building a sustainable rural utility business that will be powered by our renewable energy plants across rural areas of Uttar Pradesh. We are committed towards playing our role in the goal of green India”, says Rohit Chandra, CEO of OMC Power Ltd.
Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing, and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: “ENERGY FOREVER”.
The unique association of OMC Power and the Indian Renewable Energy Dev Agency Ltd. (IREDA) will spur economic development among the rural population in India by providing access to electricity on demand. It will have a significant impact on the rural economy including that on the agriculture, education, and health sectors.