Indian Renewable Energy Development Agency Ltd. (IREDA) has signed an Memorandum of Understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Limited (BVFCL) for providing techno-financial expertise in developing renewable energy projects and fundraising. 

The MoU was signed by Pradip Kumar Das, Chairman & Managing Director, IREDA and Dr. Siba Prasad Mohanty, CMD, BVFCL in the presence of 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. 

Pradip Kumar Das said, "IREDA believes this collaboration will inspire other companies in the chemical & fertilizer sector like BVFCL to cut carbon emissions and be environment friendly. It is a way forward for IREDA to play a key role in the development of North-East India through green energy." 

"This MoU will contribute to achieving the Government of India target of reducing its carbon emission to 45% by 2030 in line with the commitment made by Prime Minister 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," added Das. 

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.