IREDA, BVFCL inks MoU to collaborate on developing green energy

Indian Renewable Energy Development Agency Ltd. (IREDA) has announced that it has signed a Memorandum of Understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Limited (BVFCL) for providing its techno-financial expertise in developing Renewable Energy projects and fundraising.

The two companies are PSUs under the Ministry of New & Renewable Energy and the Ministry of Chemicals & Fertilizers respectively.

The MoU was signed by Mr. Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, and Dr. Siba Prasad Mohanty, CMD, BVFCL in the presence of Mr. Chintan Shah, Director (Technical), IREDA, Dr. R. C. Sharma, CFO, IREDA, and other senior officials.

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 support BVFCL in developing an action plan to create and procure renewable energy projects for the next five years.

Mr. Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA while singing the MoU stated that IREDA believes this collaboration will inspire other companies of the chemical & fertilizer sector like BVFCL to cut carbon emissions and be environmentally friendly. It is a way forward for IREDA to play a key role in the development of North-East India through Green Energy.

Mr. Das further emphasized that this MoU will support in contributing to achieving Govt. of India's target of reducing its carbon emission to 45 percent by 2030 in line with the commitment made by Hon'ble Prime Minister, Mr. 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 gigawatts, 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. Previously, IREDA has signed MoUs with SJVN, NHPC, TANGEDCO, and NEEPCO to extend its techno-financial expertise for green energy projects.