The Indian Renewable Energy Development Agency Limited (IREDA) marked its 39th Foundation Day at its Business Centre in New Delhi, celebrating 38 years of leadership in renewable energy financing. IREDA’s Chairman & Managing Director, Mr. Pradip Kumar Das, addressed employees virtually, reflecting on the organization’s milestones and future roadmap.
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During his address, Mr. Das emphasized IREDA’s recent achievements, including:
- Elevation to ‘Navratna’ status
- Record-breaking financial performance
- Strategic initiatives in green energy financing
He highlighted IREDA’s strong financial growth, reporting a 31% year-on-year increase in Profit After Tax (PAT) to Rs. 1,197 crore for the first nine months of FY 2024-25 and a 36% expansion in the loan book to Rs. 68,960 crore as of December 31, 2024.
Additionally, he pointed out IREDA’s strong credit ratings, including AAA (Stable) ratings from leading domestic agencies and a sovereign-equivalent BBB- (Stable) international rating from S&P Global. He also noted that shareholders recently approved a fundraising plan of up to Rs. 5,000 crore through Qualified Institutional Placement (QIP) to strengthen green financing efforts.
Future Growth and Expansion Plans
Outlining IREDA’s vision, Mr. Das spoke about the company’s global expansion, including the registration of its wholly owned subsidiary, IREDA Global Green Energy Finance IFSC Limited, at GIFT City, Gujarat. He also announced plans to establish a retail subsidiary dedicated to renewable energy financing.
He further reaffirmed IREDA’s commitment to operational excellence, highlighting the company’s ‘Excellent’ rating in the MoU performance for the fourth consecutive year.
Mr. Das expressed gratitude to Union Minister of New & Renewable Energy, Mr. Pralhad Joshi; Minister of State for Power and New & Renewable Energy, Mr. Shripad Naik; MNRE Secretary, Ms. Nidhi Khare; and other senior officials for their unwavering support. He also commended the dedication of IREDA employees, urging them to continue driving the company’s mission to accelerate India’s transition to clean energy.
With a strong foundation and a clear strategic roadmap, IREDA remains at the forefront of renewable energy financing, playing a pivotal role in India’s sustainable energy future.
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