The primary objective behind the collaboration between the Indian Renewable Energy Development Agency Limited (IREDA), Union Bank of India (UBI), and Bank of Baroda (BoB) is to provide innovative financial support in the renewable energy sector. This collaboration aims to facilitate the growth and development of renewable energy projects in India by providing easy and accessible financing options.

The Need for Collaboration
India has set ambitious targets for renewable energy generation, aiming to achieve 175 GW of renewable energy capacity by 2022. However, the renewable energy sector faces several challenges, including funding constraints. To overcome these challenges and achieve the renewable energy targets, collaboration between financial institutions and renewable energy agencies is crucial.

IREDA's Role
IREDA is a leading financial institution dedicated to promoting renewable energy in India. It provides financial assistance and loans to various renewable energy projects. Through this collaboration, IREDA aims to expand its financing capabilities and reach a wider range of renewable energy projects.

UBI and BoB's Role
Union Bank of India and Bank of Baroda are two prominent public sector banks in India. By collaborating with IREDA, these banks aim to leverage their extensive network and expertise in the banking sector to provide financial support to renewable energy projects. They will offer loans, credit facilities, and other financial services to developers and entrepreneurs in the renewable energy sector.

Benefits of Collaboration
1. Accessible Financing: The collaboration will make it easier for renewable energy projects to access financial support. This will encourage more entrepreneurs and developers to invest in renewable energy projects.

2. Lower Interest Rates: Through this collaboration, the banks can offer lower interest rates and favorable loan terms to renewable energy projects. This will make the projects more financially viable and attractive to investors.

3. Increased Renewable Energy Capacity: The collaboration aims to accelerate the development of renewable energy projects, leading to an increase in the overall renewable energy capacity in India. This will contribute to the country's sustainable development goals and reduce dependence on fossil fuels.

4. Job Creation: The growth of the renewable energy sector will create new job opportunities in various fields, including project development, construction, operation, and maintenance. This will contribute to economic growth and social development.

5. Environmental Benefits: The promotion of renewable energy will reduce greenhouse gas emissions and mitigate the adverse effects of climate change. It will also help India achieve its commitment to the Paris Agreement and promote a cleaner and greener environment.

In conclusion, the collaboration between IREDA, Union Bank of India, and Bank of Baroda aims to provide innovative financial support in the renewable energy sector. This collaboration will facilitate the growth and development of renewable energy projects in India, leading to various economic, environmental, and social benefits.