The Indian Renewable Energy Development Agency (IREDA) has signed an MoU with the Ministry of New and Renewable Energy under the Government of India, targeting revenue of 4350 crores rupees. It is a performance-oriented MoU, designed in accordance with guidelines issued by the Department of Public Enterprises within the Ministry of Finance, and delineates the strategic objectives that IREDA aims to accomplish during the fiscal years 2023-24 and 2024-25.
The MoU was signed by Secretary, MNRE, Bhupinder Singh Bhalla and Chairperson and Managing Director (CMD), IREDA, Pradip Kumar Das at Atal Akshay Urja Bhawan, New Delhi, on August 21. Other senior officials of MNRE and IREDA were also present on the occasion.
In accordance with the MoU, the Government of India has set a Revenue from Operations target for IREDA, of ₹ 4,350 crores for the financial year 2023-24 and ₹ 5,220 crores for 2024-25. Notably, the company had achieved a Revenue from Operations figure of ₹ 3,482 crores in the preceding fiscal year, against a target of ₹ 3,361 crores.
The government has also specified other key performance parameters in the MoU, including Return on Net Worth, Return on Capital Employed, NPA to Total Loans Ratio, Asset Turnover Ratio, and Earnings per Share.
The CMD informed that IREDA’s track record of consistent excellence is evident by its ‘Excellent’ rating and over 96 marks secured for the MoU in the preceding three financial years. The company, as on 21 August 2023, has financed 3,137 Renewable Energy projects with cumulative loan sanction of ₹ 1,55,694 crores and loan disbursement of ₹ 1,05,245 crores and has supported Renewable Energy capacity addition of 22,061 MW in the country.
