New Delhi: In an attempt to promote clean and green energy, Indian Renewable Energy Development Agency Ltd (IREDA) 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 Ministry of New and Renewable Energy and Ministry of Chemicals and Fertilizers respectively.

The MoU was signed by Pradip Kumar Das, Chairman and Managing Director (CMD), IREDA and Dr Siba Prasad Mohanty, CMD, BVFCL in the presence of Chintan Shah, Director, Technical, IREDA, Dr RC Sharma, CFO, IREDA, and other senior officials, as per an official statement issued today.

Under the MoU, IREDA will undertake techno-financial due diligence of renewable energy, green hydrogen, green ammonia, energy efficiency and conservation projects for BVFCL. IREDA will assist BVFCL in developing an action plan to create and acquire Renewable Energy projects for the next five years.

Das said that IREDA believes this collaboration will inspire other companies in the chemical and fertilizer sector like BVFCL to cut carbon emissions and be environment friendly. It is a way forward for IREDA to play key-role in the development of North-East India through green energy.

Das further underlined that this MoU will contribute to achieve the Government of India target of reducing its carbon emission to 45 per cent by 2030 in line with the commitment made by Prime Minister Narendra Modi in CoP26. The Ministry of New and Renewable Energy has announced that the country’s total installed renewable energy capacity including hydro.

The MoU with BVFCL is the fifth one signed by IREDA within one year. Earlier, IREDA has signed MoUs with SJVN, NHPC, TANGEDCO and NEEPCO to extend its techno-financial expertise for green energy projects. /BI/