State-owned Indian Renewable Energy Development Agency (IREDA) has signed a pact with Brahmaputra Valley Fertilizer Corporation (BVFCL). This renewable energy pact signing will provide techno-financial expertise in developing renewable energy projects and fundraising.
In accordance to the MoU, IREDA will undertake techno-financial due diligence of renewable energy, green hydrogen, green ammonia, energy efficiency and conservation projects for BVFCL.
Indian Renewable Energy Development Agency ltd on Tuesday signed a memorandum of understanding (MoU) with Brahmaputra Valley Fertilizer Corporation Ltd for providing its techno-financial expertise in developing renewable energy projects and fundraising.
IREDA and BVFCL are public sector undertakings under the Ministry od New & Renewable Energy and the Ministry of Chemicals & Fertilizers, respectively.
The MoU was signed by IREDA Chairman and Managing Director Pradip Kumar Das and BVFCL Chairman and Managing Director Siba Prasad Mohanty.
IREDA will assist BVFCL in developing an action plan to create and acquire renewable projects for the nest 5 years.
Das said, “We are happy to associate with BVFCL, which is now committed to reducing carbon emissions from its operations and value chain. We believe this collaboration will inspire other companies of the chemical and fertilizer sector like BVFCL to cut carbon emissions and be environment-friendly.
The MoU will support in contributing to achieving the government target of reducing its carbon emission to 45 per cent by 2030 in line with the commitment made by Prime Minister Narendra Modi in COP26.
Recently, the ministry of New and Renewable Energy said the country’s total installed renewable energy capacity, including hydro, crossed 150 gigawatts.