Indian Renewable Energy Development Agency signs MOU with Bank of India for fundings renewables projects

In India, the Indian Renewable Energy Development Agency Ltd. (IREDA) signed a Memorandum of Understanding with the Bank of India (BoI) for co-lending, co-origination, and loan syndication for renewable energy projects. The MoU will empower IREDA and BoI to co-lend and co-originate for renewable energy projects including small hydro and ethanol projects. Both organisations will also strive to fix interest rates for IREDA borrowings for a period of three to four years. This is additional to the soft financing the Indian government has been providing for scaling up ethanol production from sugarcane and grains.