In a crucial step towards accelerating the growth of renewable energy in India, Pradip Kumar Das, Chairman & Managing Director of the Indian Renewable Energy Development Agency Limited (IREDA), held a high-level meeting today with Atul Kumar Goel, Managing Director & CEO of Punjab National Bank (PNB). The discussions focused on scaling up financial support for renewable energy projects across the country.
The two institutions had earlier signed a Memorandum of Understanding (MoU) to collaborate on funding for green energy initiatives. In today’s meeting, both leaders reaffirmed their commitment to enhancing this partnership and supporting India’s ambitious renewable energy targets.
Pradip Kumar Das emphasised the urgency of increasing financial resources for renewable energy, noting that the sector’s growth is outpacing traditional funding mechanisms. “The renewable energy sector in India is expanding at an unprecedented rate, and the demand for financing is growing rapidly. Our collaboration with PNB is crucial in ensuring that we can contribute significantly to the country’s green energy transition. Together, we aim to support the Government’s vision and help India achieve its renewable energy goals,” said Das.
The discussions explored various strategies to strengthen the partnership, including the potential for PNB to lend to IREDA at more competitive rates. They also discussed joint lending for large-scale renewable energy projects, which would offer more attractive financing options for developers and help drive down the cost of renewable energy deployment.
Atul Kumar Goel echoed the sentiment, expressing PNB’s readiness to play a larger role in green energy financing. He highlighted that by working closely with IREDA, PNB could enhance its contribution to India’s green transition and align with the government’s target of expanding the country’s renewable energy capacity.
As India continues its push towards a greener economy, partnerships like the one between IREDA and PNB are expected to play a pivotal role in ensuring the availability of affordable financing for renewable energy projects, bolstering the country’s efforts to reduce carbon emissions and achieve energy security.
This meeting marks another step forward in the ongoing collaboration between the two financial institutions as they aim to make renewable energy financing more accessible and efficient.
