In a move aimed at strengthening India's renewable energy sector, Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency Limited (IREDA), met with Challa Sreenivasulu Setty, Chairman of the State Bank of India (SBI), in Mumbai today. The meeting focused on exploring potential collaborations between IREDA and SBI to accelerate the growth of renewable energy projects across the country.
During the meeting, the leaders discussed various strategies to enhance financial support for green energy initiatives. A significant part of their conversation centred around exploring new joint ventures, particularly in connection with the PM Surya Ghar Muft Bijli Yojana, PM-KUSUM scheme, and Green SME lending. Both IREDA and SBI teams are committed to working closely to develop innovative solutions aimed at expanding access to green energy across different economic sectors.
Commenting on the collaboration, Pradip Kumar Das, CMD of IREDA, said, "IREDA can significantly contribute to the Government of India’s target of achieving 500 GW of non-fossil fuel-based installed capacity by 2030 by partnering with leading financial institutions like SBI. Together, we can create innovative financing models that will not only boost the renewable energy sector but also support sustainable development."
The meeting was also attended by key figures from both institutions, including Bijay Kumar Mohanty, Director (Finance) at IREDA, and Gulshan Malik, Deputy Managing Director (Commercial Clients Group) at SBI, along with other senior officials.
This meeting forms part of IREDA's broader strategy to forge strategic partnerships aimed at mobilising financial resources for India's renewable energy sector. IREDA has already signed Memorandums of Understanding (MoUs) with several major financial institutions, including Punjab National Bank, Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank. These partnerships further solidify IREDA's leadership in driving the growth of renewable energy in India.
The discussions between IREDA and SBI highlight the ongoing efforts to develop and implement solutions that will support India's transition to a more sustainable energy future.
