Indian Renewable Energy Development Agency Limited (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) with the aim of taking forward renewable energy initiatives across the country. The agreement signed on February 19, 2024 at the registered office of IREDA in New Delhi will pave the way for joint efforts in co-lending and line of credit support for a diverse spectrum of renewable energy projects. Various provisions have been included in this MoU to support renewable energy projects. These include working towards competitive terms of sanction including joint lending, credit support and underwriting, management of Trust and Retention Accounts (TRAs) for IREDA borrowers, and pricing on IREDA borrowings. Along with this, through collaboration, both IREDA and PNB can also invest in bonds issued by any of the organizations.