The Indian Renewable Energy Development Agency (IREDA) has signed a memorandum of understanding (MoU) with the North Eastern Electric Power Corporation (NEEPCO) to provide its techno-financial expertise in developing Renewable Energy projects and fundraising.
The two companies are public sector undertakings (PSUs) under the Ministry of New & Renewable Energy and the Ministry of Power respectively.
As per the MoU, IREDA will undertake techno-financial due diligence of renewable energy and energy efficiency & conservation projects for NEEPCO, IREDA said in a statement.
It will also assist NEEPCO in developing an action plan to create and acquire renewable energy projects for the next 5 years.
Moreover, IREDA will extend its techno-commercial expertise to NEEPCO for Environmental & Social (E&S) due diligence of renewable energy projects as per the internationally accepted E&S standards.
Chairman & Managing Director Pradip Kumar Das of IREDA said that the MoU will contribute in achieving the government’s target of reducing carbon emission to 33 percent by 2030.
“By signing the MoU, IREDA will continue to enhance the cooperation and coordination with NEEPCO, working together to promote further progress on renewable energy development and addressing climate change. IREDA and NEEPCO together can synergize competencies and contribute immensely to the benefit of energy transition in India,” Das said.
The MoU with NEEPCO is the fourth one signed by IREDA within one year. Earlier, IREDA has signed MoUs with SJVN, NHPC, and TANGEDCO. The company is looking forward to extending its consultancy and advisory services to other PSUs as well as private organisations for the development of the renewable energy sector.