The Indian Renewable Energy Development Agency (IREDA) a government of India enterprise has signed a deal with Tamil Nadu Generation & Distribution Corporation Limited (TANGEDCO) for providing technical expertise in developing renewable energy projects and raising of funds.
The memorandum of understanding (MoU) was signed by IREDA’s, chairman and managing director (CMD) Pradip Kumar Das and TANGEDCO CMD Rajesh Lakhoni in the presence of Tamil Nadu Chief Minister M K Stalin.
In a media statement, IREDA said “it has signed an MoU with TANGEDCO, for providing its technical expertise in developing renewable energy projects and fundraising.”
Under the MoU, IREDA will extend its technical expertise to TANGEDCO for renewable energy project development, bid process management, and implementation support.
IREDA will also assist TANGEDCO in debt raising through developing financial models, underwriting services for the proposed debt requirement, and conducting pre-market surveys and roadshows to generate interest amongst prospective investors.
IREDA CMD said: “The MoU highlights our continuous efforts for the development of renewable energy sector in line with Prime Minister’s vision of Aatmanirbhar Bharat.”
Given that there are huge opportunities for the development of renewable energy in Tamil Nadu. IREDA CMD added, “It will facilitate knowledge sharing and provide consultancy services, which will contribute to driving sustainable development of the country. We look forward to extending our consultancy services to other state governments as well for the development of renewable energy sector”.
Presently, Tamil Nadu is planning to add 25,000 megawatt (MW) of new capacity in the next 10 years to bring down power purchase costs and achieve self-sufficiency in meeting the energy needs of the state. Of the total capacity, TANGEDCO is planning a 20,000 MW of solar power projects, with adequate battery storage, 3,000 MW of pumped storage hydroelectric project, and 2,000 MW of a gas-based power plant for efficient renewable integration.