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.
