IREDA stock advances on pact with PNB to co-finance green energy projects

Shares of Indian Renewable Energy Development Agency (IREDA) climbed 3 percent on February 19 after the company announced signing a memorandum of understanding (MoU) with Punjab National Bank (PNB) for co-financing green energy projects.

“Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund large-scale renewable energy projects,” the company said in an exchange filing.

At 1 pm, the stock was trading at Rs 180 on the National Stock Exchange, up 1.2 percent from the previous close. In the last month, the stock has surged more than 32 percent on the bourses.

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The MoU includes joint lending, loan syndication and underwriting and  management of Trust and Retention Account (TRA) for IREDA borrowers, and working towards competitive terms of sanction, including pricing on IREDA borrowings.

A public sector undertaking, IREDA provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency and conservation.

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