Daily News Wrap-Up: IREDA Partners with Bank Of India to Fund Renewable Energy Projects

Tata Power subsidiary and SIDBI launch program to establish green energy enterprises


Here are some noteworthy cleantech announcements of the day from around the world:

Indian Renewable Energy Development Agency (IREDA) signed a memorandum of understanding (MoU) with the Bank of India (BoI) for co-lending, co-origination, and loan syndication for renewable energy projects. The MoU is expected to empower IREDA and BoI to co-lend and co-originate for renewable energy projects, including small hydro and ethanol projects. Both organizations will strive to fix interest rates for IREDA borrowings for three to four years.

TP Renewable Microgrid (TPRMG), a wholly owned subsidiary of Tata Power and Small Industries Development Bank of India (SIDBI), have partnered to launch an innovative program that would see 1,000 green energy enterprises established throughout the nation. Under the collaboration, SIDBI will provide entrepreneurs a “Go Responsive, Enterprise incentive (GREENi)” after they complete a TPRMG-organized capacity-building activity. Through its PRAYAAS program or partner institutions, SIDBI will also assist in credit linkages to facilitate financing for setting up or expanding the businesses of rural entrepreneurs. To provide these rural businesses with quality, affordable, dependable, and clean green energy (Solar/Wind/Biogas), TPRMG will discover suitable entrepreneurs within its existing microgrid network and in new geographies. TPRMG will also provide rural enterprises, green energy solutions, and the technical know-how for maximizing energy utilization and conservation.

IREDA signs an MoU with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT), a wholly owned subsidiary of Mahatma Phule Backward Class Development Corporation. Per the MoU, IREDA would offer financing facilities to MAHAPREIT for the Renewable Energy projects to be implemented for state utilities, local bodies, and the infrastructure of Renewable Energy Parks. Under this collaboration, IREDA will also undertake techno-financial due diligence on renewable energy and energy efficiency & conservation projects for MAHAPREIT.

The Haryana Electricity Regulatory Commission (HERC), in a recent ruling, directed Energy Efficiency Services Limited (EESL) and the Haryana DISCOMs to ensure the installation of smart meters 5% above its August 2022 target to make up for the deficit in July 2022. The Commission said it would be obliged to initiate action under the relevant provisions of Acts or Regulations if the target is not met.  The Commission also directed the state DISCOMs to submit a report 15 days after installing the meters on defective meters, and the rectification measures are taken by EESL. The DISCOMs were also directed to submit an affidavit within 15 days, outlining various steps involved to achieve the target fixed by the Ministry of Power, keeping in view the fact that no changes in the system for facilitating consumers to apply new connection on prepayment mode have been made till date despite directions of the Commission.