State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday signed a pact with Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL) to provide its techno-financial expertise in developing renewable energy projects and fundraising.
Under the memorandum of understanding (MoU), IREDA will undertake techno-financial due diligence of renewable energy, green hydrogen, green ammonia, energy efficiency and conservation projects for BVFCL.
“Indian Renewable Energy Development Agency Ltd today (on Tuesday) signed a memorandum of understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Ltd for providing its techno-financial expertise in developing renewable energy projects and fundraising,” the company said in a statement.
IREDA and BVFCL are public sector undertakings under the Ministry of New & Renewable Energy and the Ministry of Chemicals & Fertilizers, respectively.
The MoU was signed by IREDA Chairman and Managing Director Pradip Kumar Das and BVFCL Chairman and Managing Director Siba Prasad Mohanty.
IREDA will assist BVFCL in developing an action plan to create and acquire renewable energy projects for the next five years.
Das said, “We are happy to associate with BVFCL, which is now committed to reducing carbon emissions from its operations and value chain. We believe this collaboration will inspire other companies of the chemical and fertiliser sector like BVFCL to cut carbon emissions and be environment-friendly.” He added that it is a way forward for IREDA to play a key role in the development of northeast India through green energy.
Das further said the MoU will support in contributing to achieving the government target of reducing its carbon emission to 45 per cent by 2030 in line with the commitment made by Prime Minister Narendra Modi in CoP 26.
Recently, the Ministry of New and Renewable Energy said the country’s total installed renewable energy capacity, including hydro, crossed 150 gigawatts (GW). Out of this, IREDA has supported over 19-GW RE installations in the country.
The MoU with BVFCL is the fifth one signed by IREDA in one year. Earlier, IREDA has signed pacts with SJVN, NHPC, TANGEDCO and NEEPCO to extend its techno-financial expertise for green energy projects.