New Delhi: The National Bank for Agriculture and Rural Development (NABARD) has signed a Memorandum of Understanding (MoU) with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT) to support the financing of biomass, biogas and other green infrastructure projects in rural India, beginning with Maharashtra.
A key focus of the partnership will be financing biogas and bioenergy projects that utilise agricultural residues and biomass resources, helping convert farm waste into clean energy while creating additional income opportunities for farmers, The Economic Times reported.
The collaboration will also support the development of renewable energy projects, climate-resilient infrastructure and sustainable community assets for villages and Panchayati Raj Institutions (PRIs). It combines NABARD’s expertise in rural development and climate finance with MAHAPREIT’s capabilities in renewable energy and infrastructure development.
“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,” NABARD Chairman Shaji Krishnan V said.
Besides biomass-based energy projects, the two organisations have identified renewable energy installations, decarbonisation of government buildings, Gram Panchayat infrastructure and water pumping schemes as priority areas for financing.
The partnership will also explore clean energy solutions for institutions under the Directorate of Technical Education, government and district hospitals, and other public service facilities serving rural communities.
In addition, the organisations plan to support the deployment of solar-powered micro cold storage facilities at the village level to strengthen rural infrastructure and reduce post-harvest losses.
According to NABARD, the initiatives are expected to promote sustainable rural development, expand the use of clean energy technologies and strengthen the circular use of agricultural biomass while improving farmers’ livelihoods.
