State-run Indian Renewable Energy Development Agency (IREDA) on Monday signed a pact with Tata Cleantech Capital to jointly develop an innovative financial mechanism aimed at new projects and customers in the renewable energy (RE) space.
“The arrangement will help TCCl (Tata Cleantech Capital) syndicate and down sell transactions co-underwritten and co- financed with IREDA, while we will be able to churn our portfolio and reach the objective of a development institution by extending loans to newer projects and newer customers,” said KS Popli, CMD, IREDA here.
Both the organisations are specialist cleantech financing institutions deeply invested in their efforts to promote development of renewable energy in India.
Tata Capital CEO and Managing Director Praveen P Kadle said Tata Cleantech Capital is excited to partner with IREDA to help achieve India's clean energy target of 175 GW by 2022. TCCl is a joint venture between Tata Capital and International Finance Corporation (IFC).
“This collaboration will bring the institutions together towards joint development of innovative financial mechanisms, co-underwriting and co-financing facilities, syndication and social and environment management of projects being undertaken,” he added.