The Indian Renewable Energy Development Agency (IREDA) entered a memorandum of understanding (MoU) with the Brahmaputra Valley Fertilizer Corporation (BVFCL) for providing its techno-financial expertise in developing renewable energy projects and fund raising.
The two companies are PSUs under the Ministry of New & Renewable Energy and the Ministry of Chemicals & Fertilizers respectively.
Under the MoU, IREDA will undertake techno-financial due diligence of renewable energy, green hydrogen, green ammonia, energy efficiency and 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.
The MoU will support in contributing to achieve the government of India’s target of reducing its carbon emission to 45 percent by 2030 in line with 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 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 has signed MoUs with SJVN, NHPC, TANGEDCO and NEEPCO to extend its techno-financial expertise for green energy projects.
