Indian Renewable Energy Development Agency Limited (IREDA):
The Cabinet Committee on Economic Affairs approved the equity infusion of Rs.1500 crore in Indian Renewable Energy Development Agency Limited (IREDA).
- This equity infusion will help in employment generation of approximately 10200 jobs-year and CO2 equivalent emission reduction of approximately 7.49 Million Tonnes CO2/year.
- Additional equity infusion of Rs.1500 crore by Government of India will enable IREDA:
- To lend Rs.12000 crore approximately to the RE sector, thus facilitate the debt requirement of RE of additional capacity of approximately 3500-4000 MW.
- To enhance its networth which will help it in additional RE financing, thus contributing better to the Government of India targets for RE.
- To improve the capital-to-risk weighted assets ratio (CRAR) to facilitate its lending and borrowing operations.
- IREDA, a mini ratna (Category-1) company under the administrative control of MNRE was set up in 1987 to work as a specialised non-banking finance agency for the Renewable Energy (RE) sector.
- IREDA with more than 34 years of techno-commercial expertise, plays a catalytic role in the RE project financing which gives confidence to the FIs/banks to lend in the sector.