IREDA to support Tangedco set up 20 GW of green energy projects

Indian Renewable Energy Development Agency Ltd (IREDA) on Monday signed a memorandum of understanding (MoU) with the Tamil Nadu Generation and Distribution Corporation Limited (Tangedco), for providing technical expertise in developing renewable energy projects and for raising funds.

As per 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 through 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.
"The MoU highlights our continuous efforts for the development of renewable energy sector in line with Prime Minister's vision of Aatmanirbhar Bharat," Pradip Kumar Das, chairman and managing director of IREDA said.
"It will facilitate knowledge sharing and provide consultancy services, which will contribute to driving sustainable development of the country. We look forward to extending our consultancy services to other state governments as well for the development of renewable energy sector," he added.
Tangedco is planning to set up 20,000 MW of solar power project, with adequate battery storage, 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 projects is about Rs1,32,500 crore. IREDA, as the largest lender of the renewable energy sector is expected to play an important role in the fulfilling the financial requirements for RE projects.