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NEW DELHI: Power Finance Corporation Ltd (PFC) and Indian Renewable Energy Development Agency Ltd (IREDA) have entered into a pact to facilitate financial cooperation in renewable energy sector.

A Power Ministry release said that in order to facilitate joint financing of renewable energy, energy efficiency conservation and medium large hydro projects, PFC and IREDA signed a Memorandum of Understanding (MoU) today.

PFC and IREDA shall cooperate to leverage their respective strengths and competencies built over the years for facilitating financing of renewable energy, energy efficiency conservation and medium large hydro projects for mutual benefit, it said.

According to the release at present the installed capacity of electric power from renewable energy sources in India is 10,209 MW and keeping in view the potential, Ministry of New and Renewable Energy has set for itself a goal to add an additional 14,000 MW capacity of grid quality power through non conventional renewable resources from commercially exploitable resources by the end of 11th Five Year Plan.

The MoU was signed by Shri Shyam Wadhera, Director (Projects), PFC and Shri Debashish Majumdar, CMD, IREDA in presence of senior PFC and IREDA officials.