IREDA signs pact with BVFCL; to provide techno-financial consultancy for RE projects

IREDA signs pact with BVFCL; to provide techno-financial consultancy for RE projects

AgenciesUpdated: Tuesday, November 30, 2021, 06:00 PM IST
article-image
IREDA will undertake techno-financial due diligence of renewable energy, green hydrogen, green ammonia, energy efficiency, and conservation projects for BVFCL / Representational image | ANI Photo

State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday signed a pact with Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL) to provide its techno-financial expertise in developing renewable energy projects and fundraising.

Under the memorandum of understanding (MoU), IREDA will undertake techno-financial due diligence of renewable energy, green hydrogen, green ammonia, energy efficiency and conservation projects for BVFCL.

''Indian Renewable Energy Development Agency Ltd today (on Tuesday) signed a memorandum of understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Ltd for providing its techno-financial expertise in developing renewable energy projects and fundraising,'' the company said in a statement.

IREDA and BVFCL are public sector undertakings under the Ministry of New & Renewable Energy and the Ministry of Chemicals & Fertilizers, respectively.

The MoU was signed by IREDA Chairman and Managing Director Pradip Kumar Das and BVFCL Chairman and Managing Director Siba Prasad Mohanty.

IREDA will assist BVFCL in developing an action plan to create and acquire renewable energy projects for the next five years.

Das said, ''We are happy to associate with BVFCL, which is now committed to reducing carbon emissions from its operations and value chain. We believe this collaboration will inspire other companies of the chemical and fertiliser sector like BVFCL to cut carbon emissions and be environment-friendly.''

He added that it is a way forward for IREDA to play a key role in the development of northeast India through green energy.

Das further said the MoU will support in contributing to achieving the government target of reducing its carbon emission to 45 per cent by 2030 in line with the commitment made by Prime Minister Narendra Modi in CoP 26.

Recently, the Ministry of New and Renewable Energy said the country's total installed renewable energy capacity, including hydro, crossed 150 gigawatts (GW). Out of this, IREDA has supported over 19-GW RE installations in the country.

The MoU with BVFCL is the fifth one signed by IREDA in one year. Earlier, IREDA has signed pacts with SJVN, NHPC, TANGEDCO and NEEPCO to extend its techno-financial expertise for green energy projects.

(With inputs from PTI)

RECENT STORIES

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu..."; Here's How To Save...

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu...

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

A Big Relief For Byjus's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29...

A Big Relief For Byjus's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29...