The Indian Renewable Energy Development Agency Ltd. (IREDA) and Indian Overseas Bank (IOB) have entered into a Memorandum of Understanding (MoU) to collaborate on co-lending and loan syndication for various Renewable Energy projects in India.
The agreement, signed in New Delhi on January 16, 2024, outlines provisions for co-lending and co-origination support, aiming to streamline processes such as loan syndication, underwriting, and the management of Trust and Retention Account (TRA) for IREDA borrowers. The partnership also seeks to establish fixed interest rates over a 3–4-year period for IREDA borrowings. The signing ceremony included key representatives from both organizations.