IREDA and BVFCL Sign MoU for Green Energy Collaborations

Indian Renewable Energy Development Agency Ltd. (IREDA) signed a Memorandum of Understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Limited (BVFCL) for providing its techno-financial expertise in developing Renewable Energy projects and fundraising. The two companies are PSUs under the Ministry of New & Renewable Energy and Ministry of Chemicals & Fertilizers respectively.

The MoU was signed by Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA and Dr. Siba Prasad Mohanty, CMD, BVFCL in the presence of Shri Chintan Shah, Director (Technical), IREDA, Dr. R. C. Sharma, CFO, IREDA, and other senior officials.

Under the MoU, IREDA will undertake Techno-Financial due diligence of Renewable
energy, Green Hydrogen, Green Ammonia, Energy Efficiency & conservation projects for BVFCL. IREDA will assist BVFCL in developing an action plan to create and acquire Renewable Energy projects for the next 5 years.

CMD, IREDA while singing the MoU said that IREDA believes this collaboration will inspire other companies of Chemical & Fertilizer sector like BVFCL to cut carbon emissions and be environmentally friendly. It is a way forward for IREDA to play key role for the development of North-East India through Green Energy.

Shri Das further underlined that this MoU will support in contributing to achieve Govt. of India target of reducing its carbon emission to 45% by 2030 in line with the commitment made by Hon’ble Prime Minister, Shri Narendra Modi in CoP 26. Recently, the Ministry of New and Renewable Energy has announced that the country's total installed Renewable Energy capacity, including hydro, crossed 150 gigawatt and out of 150 GW, IREDA has supported more than 19 GW RE installation in the country.

The MoU with BVFCL is the fifth one signed by IREDA within one year. Earlier, IREDA has signed MoUs with SJVN, NHPC, TANGEDCO and NEEPCO to extend its Techno-Financial expertise for Green Energy projects.