IREDA, TANGEDCO inks MoU for development of RE projects

The Indian Renewable Energy Development Agency Ltd (IREDA) has announced that it has signed a pact with Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) for providing technical expertise in developing renewable energy projects and raising funds. The memorandum of understanding (MoU) was signed by IREDA Chairman and Managing Director (CMD) Pradip Kumar Das and TANGEDCO CMD Rajesh Lakhoni in the presence of Tamil Nadu Chief Minister M K Stalin.

In a declaration, IREDA said, "it has signed an MoU with TANGEDCO, for providing its technical expertise in developing Renewable Energy projects and fundraising."

Under the MoU, IREDA will expand its technical expertise to TANGEDCO for renewable energy project development, bid process management, and implementation support.

IREDA will also help TANGEDCO in debt raising through developing financial models, underwriting services for the proposed debt requirement, and conducting pre-market surveys and roadshows to generate interest amongst prospective investors.

Pradip Kumar Das, CMD, IREDA said: "The MoU highlights our continuous efforts for the development of renewable energy sector in line with Prime Minister's vision of Aatmanirbhar Bharat."

"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 the renewable energy sector," he added.

There are huge prospects for the development of renewable energy in Tamil Nadu.

TANGEDCO is planning 20,000 MW of solar power projects, with sufficient battery storage, 3,000 MW of pumped storage hydroelectric project, and 2,000 MW of gas-based power plant for efficient renewable integration.