Summary:

IREDA, the Indian Renewable Energy Development Agency Limited, announced a stunning 303% rise in loan approvals from April to September this fiscal year, totaling US$ 2.15 billion (Rs. 17,860 crore) compared to the previous year. The organization also reported a 56% increase in loan disbursements to US$ 1.18 billion (Rs. 9,787 crore) in September 2023, with an outstanding credit portfolio of US$ 7.75 billion (Rs. 64,500 crore).

Mr. Pradip Kumar Das, Chairman and Managing Director of IREDA, emphasized the company's solid financial performance, which reflects the rising demand for clean energy finance and a commitment to the green energy transition. IREDA has secured government clearance to raise US$ 540 million (Rs. 4,500 crore) by issuing equity shares through a Qualified Institutions Placement (QIP), which could dilute the Government of India's stake by up to 7% post-issue.

The fundraising effort seeks to boost IREDA's capital base, allowing the organization to increase funding for renewable energy projects and accelerate India's transition to sustainable energy alternatives.

Source: IBEF 

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