22-Dec-2022: IREDA signs loan agreement with KFW to finance ‘Access to Clean Energy Projects’ meant for decentralized solar applications
Indian Renewable Energy Development Agency Limited (IREDA) has signed a loan agreement with KFW namely, KFW VI line of credit for financing ‘Access to Clean Energy Projects’ meant for decentralized solar applications. The total sanctioned amount of the agreement is EUR 20 million. The entire amount has been utilized as of 30th March, 2022.
Energy Efficiency Services Limited (EESL) has signed loan agreements from multilateral agency – ADB and bilateral agency – KfW, for Decentralized Solar and Electric Mobility. The total sanctioned amount of ADB’s loan for ‘Decentralized Solar, Electric Mobility and Smart Meters’ is USD 296 million. As of 30th November, 2022, USD 73 million has been utilized for the programme. The total sanctioned amount for KfW’s loan of ‘Decentralized Solar and lighting’ is Euro 200 million. As of 30th November, 2022, Euro 9 million has been utilized for the programme.
15-Dec-2022: IREDA inks Rs. 4,445 crore loan agreement with SJVN Green Energy Ltd. for 1,000 MW Solar power project
Indian Renewable Energy Development Agency Ltd. (IREDA) signed a historic loan agreement for Rs. 4,444.71 crore with SJVN Green Energy Ltd. (SGEL, a subsidiary of SJVN Ltd.) today, for a 1,000 MW Solar power project at Bikaner, Rajasthan.
The IREDA funded project will connect to 400/220 KV substation Bikaner-II (near Bikaner). SJVN has bagged the project through the tender floated by IREDA under the CPSU Phase-II (Tranche III) Scheme for development of Grid connected Solar PV Power Project through competitive Bidding Process based on VGF support.
Speaking on the occasion, CMD, IREDA said: "We are pleased to sanction IREDA’s highest loan amount to SGEL for development of 1,000 MW Solar project. We will be able to support Govt. of India to achieve its targets of 50% share of energy from non-fossil fuels by 2030 through this kind of cooperation. Also, this partnership will encourage green investment and generate both direct and indirect employment opportunities.”
In the presence of Shri Pradip Kumar Das, CMD, IREDA and Shri Nand Lal Sharma, CMD, SJVN, Shri Pradipta Kumar Roy, DGM (IREDA) and Shri S. L. Sharma, CEO (SGEL) signed the loan agreement at the corporate office of IREDA. Shri Chintan Shah, Director (Technical), IREDA, Shri A. K. Singh, Director (Finance), SJVN, Dr. R. C. Sharma, CFO, Smt. Debjani Bhatia, GM (TS), IREDA and other senior officials also graced the occasion.
7-Oct-2022: IREDA celebrates "Cyber Jaagrukta Diwas"
Indian Renewable Energy Development Agency Ltd. (IREDA) observed the "Cyber Jaagrukta Diwas" yesterday, to create cybersecurity awareness among all employees.
Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, inaugurated the event in the presence of Shri Chintan Shah, Director (Technical), Smt. Manisha Saxena, CVO, and other senior officials at the company's registered office.
On this occasion, Shri Alok Kumar, Information Security Consultant, AKS IT Services, shared his insights with IREDA employees on the practice of cyber hygiene.
Cyber Jaagrukta Diwas is an initiative launched by the Ministry of Home Affairs that requires all government organizations to spread cybersecurity awareness. It is observed on first Wednesday of every month. The purpose is to create awareness and sensitize the Internet users on safeguarding against cyber frauds and cybercrimes.
10-Aug-2022: IREDA commemorates 35th Annual General Meeting
Indian Renewable Energy Development Agency Ltd. (IREDA) under the Ministry of New & Renewable Energy commemorated the 35th Annual General Meeting (AGM) of IREDA’s shareholders today at India Habitat Centre, New Delhi. The annual accounts for the financial year 2021-22 were adopted at the AGM.
Addressing the Shareholders, Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, highlighted that, "despite 2nd and 3rd waves of COVID-19, IREDA has reported a historic all-time high annual Profit Before Tax (PBT) of Rs. 833.84 crore and a Profit After Tax (PAT) of Rs. 633.53 crore in FY 2021-22, thereby registering a massive growth of 46.41% and 82.88%, respectively, over FY 2020-21."
The Loan Book of IREDA has grown from Rs. 27,853.92 crore as at the end of FY 2020–21 to Rs. 33,930.61 crore as at the end of FY 2021–22 (registering a growth of 21.82%). The company has achieved the highest-ever loan sanction of Rs. 23,921.06 crore, with a growth of 117.44% over the previous year’s sanction of Rs. 11,001.30 crore and the highest-ever loan disbursement of Rs. 16,070.82 crore, registering a record increase of 82.04% over the previous year. Also, the Net NPAs have been reduced to 3.12% ending FY 2021-22 as against 5.61% at the end of FY 2020-21 and Gross NPAs have been reduced to 5.21% ending FY 2021-22 as against 8.77% at the end of FY 2020-21.
Highlighting the future strategies, CMD, IREDA said, “IREDA is in the process of setting up a debt fund in the form of an Alternate Investment Fund (AIF) to tap large Institutional Investors viz, Pension funds, Insurance Funds, Environmental, Social and Governance Funds, etc. AIF will also help IREDA in financing new projects for borrowers who are nearing the exposure limit. Further, the company is also planning to do Asset-Based Securitization (ABS) by issuance of Pass-Through Certificates.”
3-Aug-2022: IREDA organises health check-up for employees
Indian Renewable Energy Development Agency Ltd. (IREDA) organised a preventive health check-up for its employees, under the aegis of "Azadi Ka Amrit Mahotsav". The health check-up was organised today at IREDA’s Registered and Corporate Office.
As part of the preventive health check-up, various tests were conducted, including screening for Liver, Kidney, Blood Sugar level, Thyroid function, Blood Pressure, Vitamin D 25 & B 12, etc. 123 employees, including Chairman & Managing Director (CMD), IREDA and other senior officials availed the benefits of the health check-up.
Speaking on this occasion, Shri Pradip Kumar Das, CMD, IREDA, said that IREDA gives foremost priority to the wellbeing and fitness of its employees as human resources are the company’s most valuable asset. He added that screening will help in early detection of health issues and encouraged all employees to avail the benefit of the health check-up and focus on improving their fitness thereby enhancing performance.
5-Apr-2022: IREDA achieves historic annual performance in FY 2021-22
Indian Renewable Energy Development Agency Ltd. (IREDA), the largest dedicated lender of the Renewable Energy in India ended FY 2021-22 with its best-ever performance till date. IREDA has achieved the highest-ever loan sanctions to the tune of around Rs. 23921.06 crores and loan disbursements of around Rs. 16070.82 crores. On this occasion, Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, addressed all the employees through his motivational interaction.
CMD, IREDA highlighted: "IREDA has achieved major milestones in 2021-22 even though the year saw second and third waves of the COVID-19 Pandemic along with the ongoing globally tense situations. IREDA stands fully committed towards achieving the Hon’ble Prime Minister’s ‘Panchamrita’ COP26 targets which includes targeted utilisation of 50% of the country’s energy requirements through RE sources by 2030 and raising the non-fossil fuel-based energy capacity of India to 500 GW by the same time. IREDA is fully equipped as an implementing agency for the additional allocation of Rs. 19,500 crores for PLI scheme to the manufacturers of high-efficiency solar modules announced in Budget Speech 2022 by the Union Finance Minister, Nirmala Sitharaman."
The following are the main highlights (provisional) of IREDA's performance in fiscal year 2021-22:
- Loan Sanctions: Highest ever Rs. 23,921 crores in FY 2021-22 from Rs. 11,001 crores in FY 2020-21 (up by 117%)
- Loan Disbursements: Highest ever Rs. 16,071 crores in FY 2021-22 from Rs. 8,827 crores in FY 2020-21 (up by 82%).
- NPAs: Net NPA reduced to 3.29% in FY 2021-22 from 5.61% in FY 2020-21 (reduction approx. 41%).
- Net worth: Increased to Rs. 4,989 crores ending FY 2021-22 from Rs. 2,995 crores ending FY 2020-21 (up by 67%).
- Loan Book: Increased to Rs. 34,000 crores ending FY 2021-22 from Rs. 27,854 crores ending FY 2020-21 (up by approx. 22%).
On this occasion, CMD, IREDA conveyed his sincere gratitude to the PMO, CCEA, Govt of India, MNRE, NITI Aayog and MoF for constantly guiding IREDA and extending its support at every juncture, especially for realising the awaited equity infusion. He also conveyed his best wishes and thanks to the entire Team IREDA for their untiring efforts, patience, and dedication to engrave record achievements. IREDA is looking forward to an even higher delivery on its mandate in the year 2022-23 as the company has registered continuous improvement in quarterly financial results during last two years.
Shri Das also reiterated that, "IREDA promotes transparency, good-governance, and a proactive approach across and work. The success of a company is built on the efforts of its employees. It is time to mutually work with innovations, collaborations, and market dynamics to ensure business expansion, diversification, and sustainable growth. Our combined strength is what makes us successful. Let’s start the upcoming new year with a focused, customised, and committed plan of action for serving our customers with a greater vision of clean and green energy. We wish to ensure that the entire value chain in the operations of IREDA is happy and proudly sustains the feeling of ‘Once IREDA, Always IREDA’."
11-Mar-2022: IREDA inks MoU with CIPET for Solarization of CIPET academic campuses
Indian Renewable Energy Development Agency Ltd. (IREDA) today signed a Memorandum of Understanding (MoU) with the Central Institute of Petrochemicals Engineering & Technology (CIPET), to provide its techno-financial expertise for solarization of CIPET campuses. The two organisations are under the Ministry of New & Renewable Energy and the Ministry of Chemicals and Fertilizers, respectively.
The MoU was signed by Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA and Prof. (Dr.) Shishir Sinha, Director General, CIPET in the presence of senior officials.
Under the MoU, IREDA will help CIPET to solarize its numerous academic campuses by installing solar PV or Rooftop Solar projects. The project is most likely to begin at CIPET's Varanasi, Ayodhya (Uttar Pradesh) and Bidar (Karnataka) campuses. CIPET will be able to lower its electricity expenditure and reduce its carbon footprint by installing solar power plants at its academic campuses.
Speaking on the collaboration, Shri Pradip Kumar Das, CMD, IREDA said, "We are happy to cooperate with a premier national institution in their drive of adoption of a clean energy solution. The agreement is expected to bring in best practices by combining the experience of both organisations and to advance the Hon'ble Prime Minister's vision for the country's long-term growth through green energy. The Govt. of India aims to source 50% of its energy from Renewable sources, and these partnerships will help us accomplish the goal.
IREDA established a specialised Business Development and Consultancy division one and a half years ago to meet the growing demand in the RE industry. This is the eighth MOU inked by IREDA in the last 16 months to provide consultation services for the sustainable development of the country. SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, and GSL had already signed MoUs with IREDA to enhance its Techno-Financial expertise for Green Energy projects.
For the overall growth of the RE sector, IREDA plans to expand its consultancy services to other PSUs and private organisations.
29-Jan-2022: IREDA and Goa Shipyard Ltd signs MoU for Rooftop Solar Power Projects
Indian Renewable Energy Development Agency Ltd. (IREDA) today signed a Memorandum of Understanding (MoU) with Goa Shipyard Limited (GSL) to provide its techno-financial expertise to set-up a rooftop solar power project. The two companies are PSUs under the Ministry of New & Renewable Energy and the Ministry of Defence, respectively.
The MoU was signed by Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA and Cmde. Bharat Bhushan Nagpal, CMD, GSL in the presence of senior officials.
Under the MoU, IREDA will assist GSL to set-up a rooftop solar power project at the headquarter of the company situated in Vasco da Gama, Goa. IREDA will also extend its techno-commercial expertise to GSL for Environmental & Social (E&S) due diligence of rooftop solar and other RE projects as per the internationally accepted E&S standards. After setting up a rooftop solar power project at its building, GSL will be able to bring down the expenditure on electricity and reduce its carbon footprint as well.
Speaking on the collaboration, Shri Pradip Kumar Das, CMD, IREDA said, "We are pleased to partner with GSL in their pursuit towards adoption of a clean energy solution. The partnership is expected to bring in good practices by leveraging the expertise of both the companies and to push the vision of the Hon’ble Prime Minister for sustainable development of the country through Green Energy. The Govt. of India aims to produce 40 GW of solar power through rooftop solar by the end of 2022, and these collaborations will enable us to contribute to meeting the targets set by the Govt. of India.
In order to cater to the increasing demand of the RE sector, a dedicated Business Development and Consultancy division was set up by IREDA one and a half years ago. Under the new division, this is the seventh MoU signed by IREDA within the last 14 months to provide its consultancy services for developers of RE and Energy transition. Earlier, IREDA had entered into MoUs with SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, and THDCIL to extend its Techno-Financial expertise for Green Energy projects.
IREDA is looking forward to extending its consulting services to other PSUs and private organisations for the overall growth of the RE sector.
19-Jan-2022: Cabinet approves infusion of Rs.1,500 crore in Indian Renewable Energy Development Agency Limited (IREDA)
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Shri Narendra Modi, today 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 net worth 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.
