IREDA signs a renewable energy agreement with BVFCL
The agency will evaluate projects for BVFCL related to renewable energy, green hydrogen, green ammonia, and energy efficiency and conservation – using a techno-financial due diligence approach.
On Tuesday, the state-owned Indian Renewable Energy Development Agency (IREDA) signed a deal with the Brahmaputra Valley Fertilizer Corporation (BVFCL) to provide its expertise in renewable energy development and fundraising.
IREDA Chairman and Managing Director Pradip Kumar Das and BVFCL Chairman and Managing Director Siba Prasad Mohanty signed the MoU.
The memorandum of understanding (MoU) calls for IREDA to assist the BVFCL with its technological and financial due diligence of renewable energy, green hydrogen, green ammonia, energy efficiency and conservation projects.
Both IREDA and BVFCL are public sector entities under the Ministry of New & Renewable Energy and the Ministry of Chemicals & Fertilizers, respectively.
With the assistance of IREDA for the next five years, BVFCL will develop a plan to generate and acquire renewable energy projects.
Speaking on the occasion – IREDA Chairman and Managing Director Pradip Kumar Das said, “We are thrilled to be partnering with BVFCL, which has now committed to reducing CO2 emissions from its business operations and value chain. We hope this collaboration will inspire other companies in the chemical and fertilizer sectors like BVFCL to reduce CO2 emissions and be environment-friendly.”
Green energy represents a promising way for IREDA to play a significant role in the development of northeast India.
Das further stated that the MoU will also support the achievement of the government’s target to reduce its carbon footprint to 45 per cent by 2030, a commitment made by Prime Minister Narendra Modi in CoP26.
According to the Ministry of New and Renewable Energy, the country now has a total installed capacity of 150 gigawatts of renewable energy, including hydropower. Through this, IREDA has supported more than 19 GW of renewable energy projects in the country.
IREDA has signed five MoUs in a year, including this one with BVFCL. In order to extend the scope of its techno financial expertise to green energy projects, IREDA has signed agreements with SJVN, NHPC, TANGEDCO, and NEEPCO.
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