Maha Govt body inks deal with IREDA, raise ₹25k cr for RE plans

solar parks

Mumbai: The green energy projects undertaken in Maharashtra by Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MahaPreit), a wholly owned subsidiary of Mahatma Phule Backward Class Development Corporation Ltd (MPBCDC), received a major boost on Monday.

Not only it managed to raise Rs 25,361 crore funds for renewable energy, electric vehicle infrastructure and bio-fuel and other investments an investors’ meet in Mumbai, but it also signed a memorandum of understanding (MoU) with the Indian Renewable Energy Development Agency Ltd. (IREDA) to get financial backing for its renewable energy (RE) projects in the states.

Under the agreement signed between MahaPreit and IREDA, the later will finance RE projects to be implemented for state utilities, local bodies and the infrastructure of RE parks. The MoU was signed by Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA and Bipin Shrimali, CMD, MahaPreit. Under this collaboration, IREDA will also undertake techno-financial due diligence of RE and energy efficiency & conservation projects for MahaPreit.

Speaking on the occasion, CMD, IREDA said: “We are pleased to partner with MahaPreit and offer our techno-financial expertise to the firm for the sustainable development of Maharashtra. Through this kind of collaboration, we will be able to support the Central government’s objective of achieving its targets of 50% share of energy from non-fossil fuels by 2030. Also, these initiatives could encourage green investment and generate thousands of jobs.”

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IREDA established a specialised Business Development and Consultancy division two years ago to meet the growing demand in the RE sector. This is the ninth MoU inked by IREDA in the last two years to provide consultation services for the sustainable development of the country. Many other agencies have signed MoUs with IREDA to enhance their techno-financial expertise for green energy projects and IREDA has already started work on most of the MoUs.

At the investors’ meet organised by MahaPreit in Mumbai, the State government managed to raise ₹25,361 crore funds for renewable energy, electric vehicle infrastructure and bio-fuel, among other investments. One of the projects signed during the event was worth ₹1,200 crore for development of a software park on 26-acre land near Thane.

Also, a road infrastructure project for Surat-Chennai Expressway new alignment was signed. Shrimali said the event’s main focus was renewable energy and electric vehicle charging stations for the state. “The response to the investors’ meeting was overwhelming. As many as 23 projects were finalised,” Shrimali said.

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