IREDA Signs MoU With PTC India & PFSL
Indian Renewable Energy Development Agency Limited (IREDA), PTC India Ltd. & PTC India Financial Services Ltd. (PFS)have entered into a Memorandum of Understanding (MOU)to provide a range of services for both fee and fund based activities and off-take & marketing of power focused upon renewable energy projects.
The players involved have agreed to cooperate and facilitate the financing of renewable energy, energy efficiency & conservation and medium/large hydro power projects. Through the MoU, participants would provide single window solutions to promoters, to help them in meeting project's equity, debt and power off-take & marketing requirements.
Shri V. Subramanian, Secretary to the Government of India, MNRE said, "This MOU brings together the inherent strengths and competencies in providing debt by IREDA for the development of renewable energy projects along with PTC for off-take & marketing of power and PFS for equity participation."
According to Shri T.N. Thakur, CMD, PTC India Ltd. "The coming together of the three shall provide complete financial solutions to the entire value chain in renewable energy projects."
Shri Debashish Majumdar, CMD, IREDA added that each of the three parties would treat the other as a preferred partner and provide highly competitive terms (including lower rate of interest) for financing.
The MOU was signed today by Shri Debashish Majumdar, CMD, IREDA, Shri Deepak Amitabh, Director PFS and Shri Arun Bhalla EVP, PTC India in the presence of Shri V. Subramanian, Secretary to the Government of India, MNRE and Shri T.N. Thakur, CMD, PTC India Ltd.
The MOU, valid for a period of three years, would lead to providing complete financial solutions to the renewable energy value chain, leading to early financial closure and act as a catalyst in the speedy development of renewable energy in the country.
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