The Indian Renewable Energy Development Agency (IREDA) has entered into a memorandum of understanding (MoU) with the Tamil Nadu Generation and Distribution Corporation (TANGEDCO) for providing technical expertise in developing renewable energy projects and raising funds.
Under the MoU, IREDA will extend its technical expertise to TANGEDCO for renewable energy project development, bid process management and implementation support.
IREDA will also assist TANGEDCO in debt raising through developing financial models, underwriting services for the proposed debt requirement, and conducting pre-market surveys and roadshows to generate interest amongst prospective investors.
It will facilitate knowledge sharing and provide consultancy services, which will contribute to driving sustainable development of the country. There are huge opportunities for the development of renewable energy in Tamil Nadu.
TANGEDCO is planning 20,000 MW solar power projects with adequate battery storage, 3,000 MW pumped storage hydroelectric project, and 2,000 MW gas-based power plant for efficient renewable integration.