The partnership aims to expand financing for renewable energy, sustainable infrastructure and climate-resilient projects in rural areas, with an initial focus on Maharashtra.
The National Bank for Agriculture and Rural Development (NABARD) and Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) have signed a Memorandum of Understanding (MoU) to collaborate on financing and promoting green and climate-resilient infrastructure projects in rural India.
The agreement focuses on developing rural infrastructure, especially in villages and PRIs, with Maharashtra being the first region where the partnership is implemented.
Through the partnership, both the organisations will cooperate in identifying, developing, structuring, and financing projects to develop rural infrastructure and promote sustainability and resilience to climate change.
The collaboration combines NABARD's experience in rural development and climate finance with MAHAPREIT's work in renewable energy and infrastructure development.
According to the organisations, the first phase of the collaboration will prioritise projects related to renewable energy, decarbonisation of government buildings, gram panchayat infrastructure, rural public institutions and water pumping systems.
The proposed initiatives also include deploying clean energy solutions in Directorate of Technical Education (DTE) institutions, government hospitals, district hospitals and other public service institutions serving rural communities.
Furthermore, the collaboration intends to finance projects on the production of biogas and bioenergy using agricultural waste and other forms of biomass. These projects are anticipated to contribute to the promotion of the circular economy along with providing more earning opportunities for farmers through proper utilization of agricultural waste.
NABARD Chairman Dr. Shaji Krishnan V said that, “NABARD is committed to working with all like-minded stakeholders in furthering a cleaner and greener rural India. We see this MoU with MAHAPREIT as a significant step in this direction”.
The MoU comes as India continues to expand investments in renewable energy and climate-resilient infrastructure to support rural livelihoods while advancing its clean energy and sustainability goals.
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