The state-owned Indian Renewable Energy Development Agency (IREDA) struck a deal with Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL) on Tuesday to deliver its techno-financial expertise in renewable energy project development and fundraising. IREDA will conduct techno-financial due diligence on renewable energy, green hydrogen, green ammonia, energy efficiency, and conservation projects for BVFCL under the terms of
the memorandum of understanding (MoU).
"Indian Renewable Energy Development Agency Ltd signed a memorandum of understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Ltd today (on Tuesday) for providing its techno-financial expertise in developing renewable energy projects and fundraising," according to a statement from the company.
The Ministry of New and Renewable Energy and the Ministry of Chemicals and Fertilizers, respectively, are responsible for IREDA and BVFCL.
Pradip Kumar Das, Chairman and Managing Director of IREDA, and Siba Prasad Mohanty, Chairman and Managing Director of BVFCL, signed the MoU. IREDA will work with BVFCL to develop a five-year action plan for developing and acquiring renewable energy projects.
"We are pleased to work with BVFCL, which has made a commitment to reduce carbon emissions throughout its operations and value chain. We believe that this collaboration will inspire other chemical and fertiliser companies, such as BVFCL, to reduce carbon emissions and be more environmentally conscious," said Das.
Furthermore he said that it is a step forward for IREDA to play a key role in northeast India's development through green energy.
The Ministry of New and Renewable Energy recently announced that the country's total installed renewable energy capacity, including hydro, had exceeded 150 gigawatts (GW). IREDA has supported over 19 GW of renewable energy installations in the country as a result of this.
IREDA has signed five memorandums of understanding in the last year. SJVN, NHPC, TANGEDCO, and NEEPCO had previously signed agreements with IREDA to extend its techno-financial expertise for green energy projects.