IREDA Signs MoU with REC

New Delhi: Indian Renewable Energy Development Agency Ltd. (IREDA) and Rural Electrification Corporation Ltd. (REC) signed a Memorandum of Understanding (MoU) for working together to promote Renewable Energy development across the country. The MoU was signed by CMD, REC Dr. P. V. Ramesh and CMD, IREDA Shri K S Popli in the presence of Hon’ble Minister of State (I/C) Power and New & Renewable Energy Shri R K Singh and Secretary, MNRE Shri Anand Kumar on 26th September 2018 in MNRE, New Delhi.

To achieve the goal of 175 GW of renewable energy by 2022 provides a huge opportunity for all stakeholders including landers to be part of the green growth of the country. Financing of around 100 billion dollars would be required in next four years to meet the RE target. In this regard, REC and IREDA have come together to take advantage of huge opportunity provided by RE and to meet the financing requirement of the sector.

While signing the MoU, Mr. Popli said, ‘by coming together REC and IREDA can address substantial financing requirement for the sector seamlessly, at a time when need for financing large projects would grow exponentially in coming years.’

CMD, REC Dr. Ramesh said ‘This is a new milestone for us in our quest to promote sustainable development and focus on green energy solution. This is a transformational opportunity for REC and IREDA to work together forming a perfect synergy between both the organisation’.