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IREDA Pacts With TANGEDCO

Chennai: Indian  Renewable Energy  Development  Agency  Limited (IREDA)  today  signed  a Memorandum of  Understanding  (MoU)  with  the Tamil  Nadu  Generation  &  Distribution  Corporation Limited  (TANGEDCO),  for providing  its  technical expertise in  developing  Renewable Energy  projects  and  fund  raising.                                                                                                                         

 The MoU  was  signed  by  Shri Pradip  Kumar Das,  Chairman  &  Managing  Director (CMD), IREDA and Shri Rajesh  Lakhoni,  CMD,  TANGEDCO  in  the august  presence of  Shri M  K  Stalin, the  Chief  Minister of  Tamil Nadu,  Shri V.  Senthil  Balaji,  Minister for  Electricity, Prohibition  and  Excise,  Government  of  Tamil Nadu,  Shri V  Irai  Anbu,  Chief  Secretary  of  Tamil Nadu,  Shri  Dharmendra Pratap  Yadav,  Energy  Secretary  of  Tamil  Nadu,  Shri  Chintan  Shah, Director  (Technical),  IREDA,  Shri  K  Sundaravadhanam,  Director  (Finance),  TANGEDCO,  and other dignitaries.

Under the  MoU,  IREDA  will extend  its  technical expertise to TANGEDCO  for Renewable energy  project development,  bid  process  management,  and  implementation  support. IREDA  will  also assist  TANGEDCO  in  debt raising  through  developing  financial  models, assistance  in  the understanding  market  instrument,  underwriting  services  for the proposed  debt requirement,  and  conducting  pre-market surveys,  road  shows  to  generate interest amongst  prospective investors.  

Signing  the  MoU,  CMD,  IREDA  Pradip Das said: “The  MoU  highlights  IREDA’s  continuous  efforts  for the development  of  Renewable Energy  sector in  line with  Prime Minister’s  vision of  Aatmanirbhar Bharat. This  is  a transformational opportunity  for IREDA  and  TANGEDCO to achieve  perfect  synergy  between  the two  organizations. It  will facilitate knowledge sharing  and  provide consultancy  services,  which  will contribute to  driving  sustainable development of  the country.  We look forward  to extending  our consultancy  services  to other State  Government  as  well for the development  of  Renewable Energy  sector.”

 It  is  understood  that there are huge opportunities  for  the development of  renewable energy  in  Tamil Nadu.  Accordingly,  TANGEDCO  is  planning  for 20,000  MW  of  Solar Power Project,  with  adequate  Battery  Storage,  3,000  MW  of  Pumped  Storage Hydro  Electric Project,  and  2,000  MW  of  Gas  Based  Power Plant  for efficient Renewable integration. 

The estimated  loan  required  for the above projects  is  about  Rs.1,32,500  Crores  (approx.). IREDA,  as  the largest lender of  the Renewable Energy  sector is  committed  to play  an important role in  the fulfillment of  the financial requirements  for RE projects.  

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