NABARD, MAHAPREIT partner to finance rural green infrastructure
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 support financing and development of green and climate-resilient infrastructure in rural India.
The partnership will initially focus on Maharashtra, targeting villages, Panchayati Raj Institutions (PRIs), and community-level infrastructure projects. It brings together NABARD’s experience in rural and climate finance with MAHAPREIT’s role in developing renewable energy and sustainable infrastructure projects.
Focus areas
Under the agreement, the two organisations will jointly identify, structure, develop and finance projects aimed at improving climate resilience and strengthening rural infrastructure.
Priority areas identified for the initial phase include green energy deployment, decarbonisation of government buildings, gram panchayat infrastructure, rural public institutions and water pumping schemes.
The partnership will also extend to clean energy solutions for Directorate of Technical Education (DTE) institutions, government hospitals, district hospitals and other public service facilities serving rural communities.
In addition, NABARD and MAHAPREIT plan to support biogas and bioenergy projects based on agricultural residues and other biomass resources. The initiative is expected to create additional income streams for farmers while promoting circular economy practices in rural areas.
The two organisations also intend to finance solar-powered micro cold storage facilities for village-level institutions.
Commenting on the partnership, Shaji Krishnan V, Chairman of NABARD, said, “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.”
