Tata Cleantech partners with state-run renewable energy arm to fund green projects
Tata Cleantech Capital, a joint venture between Tata Capital and IFC Washington, has partnered with Indian Renewable Energy Development Agency (IREDA) to fund green energy projects as the government looks to enhance power capacity through renewable methods like sunlight and wind.The collaboration is to share opportunities, distribute risks and leverage their respective underwriting capacities, the two companies said in a joint statement.
While the arrangement will help Tata Cleantech Capital to syndicate and down-sell transactions co-underwritten and co-financed with IREDA, the latter will be able to churn its portfolio and extend loans to newer projects. India, a power-deficit nation, is looking beyond coal to meet its growing electricity requirements and wants to ramp up capacity through renewable resources. The goal is to hit 175 gigawatts of solar, wind and biomass generation by 2022.