YES Bank has entered into a MoU with the Indian Renewable Energy Development Agency (IREDA) to promote development of the renewable energy sector in the country. The documents relating to the MoU were signed by Rana Kapoor, MD and CEO, of the bank, and S.K. Popli, CMD, IREDA, during the Make in India Week. The cooperation is expected to create a supporting framework for funding of renewable energy and energy efficiency projects. The bank will also support the initiatives of IREDA in the development of these critical sectors. Kapoor said this partnership is a significant joint effort towards actualizing the government’s mission of 175 GW of clean energy by 2022. The bank is fully committed to play the role of a catalyst and work towards unlocking innovative financial mechanisms for renewable energy projects and this MoU will strengthen its efforts towards meeting the COP 21 commitment of mobilizing $5 billion for climate action by 2020, he added.
