https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

IREDA Secures Approval for ₹4,500 Crore Equity Raise to Boost Renewable Energy Financing

The approval, based on the recommendations of a high-level committee, will enable IREDA to proceed with the fundraising via the Qualified Institutions Placement (QIP) route.
Indian Masterminds Stories

The Indian Renewable Energy Development Agency Limited (IREDA) announced on Wednesday that it has received the green light from the Department of Investment and Public Asset Management (DIPAM) to raise approximately ₹4,500 crore through a fresh equity issue.

The approval, based on the recommendations of a high-level committee, will enable IREDA to proceed with the fundraising via the Qualified Institutions Placement (QIP) route. The initiative includes a planned dilution of the Government of India’s stake in IREDA by up to 7 percent on a post-issue basis, which will be executed in one or more tranches.

This capital-raising effort aims to bolster IREDA’s financial base, allowing the agency to enhance its financing capabilities for renewable energy projects. The move is part of India’s broader strategy to accelerate its transition to clean energy sources.

IREDA CMD Pradip Kumar Das commented on the approval, stating, “DIPAM’s endorsement represents a critical step forward in our expansion plans. With this fresh capital infusion, we will be better positioned to support India’s ambitious renewable energy goals and continue playing a pivotal role in financing clean energy projects across the country.”

The initiative comes as India ramps up efforts to meet its renewable energy targets and reduce dependence on fossil fuels, positioning IREDA at the forefront of the nation’s clean energy revolution.


Indian Masterminds Stories
Related Stories
NEWS
NHAI logo
NHAI To Enhance Project Monitoring with Drone Technology for Transparency and Efficiency
IAS Khilli Ram Meena
IAS Khilli Ram Meena Succeeds IAS Renu Sharma As Chief Secretary of Mizoram
IAS Chandrabhushan Kumar
IAS Chandra Bhushan Kumar Appointed New Chief Secretary of Andaman & Nicobar Islands
Closeup of word on wooden cube on wooden desk background concept - Fraud
Retired IFS Officer Duped of Rs 11.70 Lakh by Fraudulent Pension Officer
IAS R Alice Vaz
IAS R Alice Vaz Appointed Chief Electoral Officer of Delhi Ahead of Assembly Elections
IAS
IAS Officers' Association Resolves to Uphold Rule-Based Governance
IAS Shruti
IAS Shruti Takes Interim Charge as Yamuna Authority CEO
GAIL PSU
Vedanta Aluminium Partners with GAIL for Cleaner Energy Transition
Videos
WhatsApp Image 2024-11-20 at 18.06
Hyderabad's Transformation From The City of Pearls to Cyberabad
IMG-20241118-WA0002
The Journey Behind Kathakar Ki Diary | Video Interview 
GP Singh
They Aren’t Criminals, But IPS Officers, Standing Up To Political Pressure
ADVERTISEMENT
Latest
NHAI logo
NHAI To Enhance Project Monitoring with Drone Technology for Transparency and Efficiency
IAS Khilli Ram Meena
IAS Khilli Ram Meena Succeeds IAS Renu Sharma As Chief Secretary of Mizoram
ADVERTISEMENT
Videos
WhatsApp Image 2024-11-20 at 18.06
IMG-20241118-WA0002
GP Singh
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT