Indian Renewable Energy Development Agency

Indian Renewable Energy Development Agency Limited
IREDA
Company typePublic
Founded1987; 38 years ago (1987)
HeadquartersIndia Habitat Centre, East Court, Core-4A, 1st Floor, Lodhi Road, New Delhi, India
Key people
  • Pradip Kumar Das (Chairman & MD)[1]
  • Bijay Kumar Mohanty (CFO)
RevenueIncrease ₹4,965 crore (US$580 million) (2024)[2]
Increase ₹1,685 crore (US$200 million) (2024)[2]
Increase ₹1,252 crore (US$150 million) (2024)[2]
Total assetsIncrease ₹62,600 crore (US$7.3 billion) (2024)[2]
Total equityIncrease ₹8,560 crore (US$1.0 billion) (2024)[2]
OwnerGovernment of India (75%)[3]
Websitewww.ireda.in

Indian Renewable Energy Development Agency Limited (IREDA) is an Indian public sector enterprise which provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation. Formed in 1987, IREDA is a Navratna organisation owned by the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE).[4]

In November 2023, IREDA went public with an initial public offering (IPO), listing on NSE and BSE.[3]

Operations

Indian Renewable Energy Development Agency Limited[5] is a Public Limited Government Company and a Non-Banking Financial Institution[6] formed with the objective of promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.[7] It is a Mini Ratna (Category – I) Government of India Enterprise and under the administrative control of Ministry of New and Renewable Energy (MNRE).[8]

Objectives and policies

  • Financing renewable energy projects.[9]
  • Supporting green power capacity.[10]
  • Financing the setting up of solar manufacturing units.[11]
  • Encourage the use of renewable energy to foster sustainable growth.[12]

Status Change

On April 26, 2024 IREDA was officially granted Navratna status by the Department of Public Enterprises (DPE) . Business Standard reports; "Obtaining Navratna status in India bestows significant advantages on a Public Sector Undertaking (PSU). These include greater financial and operational autonomy, allowing for swifter decision-making and improved responsiveness to market shifts. The enhanced freedom also translates to increased investment opportunities, attracting capital for growth initiatives."[13]

References

  1. ^ "Ireda sanctions highest-ever loan of Rs 24,000 cr in 2021-22 - ET EnergyWorld". ETEnergyworld.com. 5 April 2022. Retrieved 9 April 2022.
  2. ^ a b c d e "IREDA Profit and loss accounts".
  3. ^ a b "IREDA's IPO offers a renewable play on climate needs, so does a crowd of peers". The Economic Times. Retrieved 16 January 2024.
  4. ^ "IREDA granted Navratna Status by DPE".
  5. ^ vishal, Raval. "ireda-share-price-target-2025-a-comprehensive-analysis". bestnewsreport.com. Retrieved 19 July 2024.
  6. ^ "IREDA signs MOU with TANGEDCO in Green Energy projects". NewsOnAIR. 8 September 2021. Retrieved 17 April 2022.
  7. ^ "IREDA Registers All-Time High Half-Yearly PAT". Odisha News | Odisha Breaking News | Latest Odisha News. 13 November 2021. Retrieved 9 April 2022.
  8. ^ "Cabinet approves Rs 1,500 crore infusion in IREDA to boost renewable energy financing". The Indian Express. 19 January 2022. Retrieved 9 April 2022.
  9. ^ "IREDA eyes Rs 2,749 cr revenue in 2021-22". The Economic Times. 15 February 2022. Retrieved 17 April 2022.
  10. ^ Team, ThePrint (2024-04-18). "IREDA sets up office in GIFT City to support green hydrogen and renewable energy projects". ThePrint. Retrieved 2024-05-25.
  11. ^ "IREDA calls solar module manufacturing bids under PLI scheme". mint. 11 June 2021. Retrieved 17 April 2022.
  12. ^ "IREDA holds Strategic Meet, outlines plans for Business Expansion and Cost Reduction". pib.gov.in. Retrieved 2024-02-03.
  13. ^ "IREDA spurts after achieving Navratna status". Business Standard. April 26, 2024.

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