IREDA, Brahmaputra Valley Fertilizer ink deal for green energy projects, fund raising

NEW DELHI: State-owned Indian Renewable Energy Development Agency Ltd. (IREDA) on Tuesday inked an agreement with Brahmaputra Valley Fertilizer Corp. Ltd. (BVFCL) for providing its techno-financial expertise in developing renewable energy projects and fund raising.

“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,” ministry of new and renewable energy said in a statement.

India recently agreed to achieve net-zero emission by 2070. As part of its strategy to promote green energy, the union government has proposed a minimum share of renewable energy in the overall consumption by an industrial unit or an establishment.

“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,” the statement added.

India’s non-fossil fuel based capacity is on-track to surpass the 40% target under its nationally determined contribution (NDC). According to the government, India has already reached 38.5% of its installed power capacity from non-fossil fuels and this will go upto 66% by 2030. Also, India has already reached an emission reduction of 28%.

“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,” the statement said.

According to the Central Electricity Authority, by 2030, the country’s power requirement would be 817GW, more than half of which would be clean energy, and 280GW would be from solar energy alone.