Indian Renewable Energy Development Agency Limited (IREDA)
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Indian Renewable Energy Development Agency Limited (IREDA)

Context: 

Indian Renewable Energy Development Agency Limited (IREDA) has achieved its highest-ever annual loan sanctions and disbursements in the financial year 2023-24.

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  • The company has sanctioned loans amounting to Rs. 37,354 crores and disbursed loans worth Rs. 25,089 crores during the fiscal year. 
  • This has led to a significant growth of 26.71% in the loan book, which now stands at Rs. 59,650 crores.
The business performance (provisional) for the IREDA for the year ended March 31, 2024.
Particulars2023-24 2022-23
Loan Sanctioned37,35432,587
Loan Disbursements25,08921,639

Indian Renewable Energy Development Agency Limited (IREDA)

  • It is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987.
  • It is engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy.
  • It is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
  • The Reserve Bank of India (RBI) granted an ‘Infrastructure Finance Company (IFC)’ status to IREDA in 2023.
  • IREDA has been upgraded from ‘Schedule B’ to ‘Schedule A’ category CPSE.

Government Schemes Under IREDA

  • MNRE Scheme on Production Linked Incentive (PLI-I): MNRE has designated IREDA as the Implementing Agency for the PLI-I scheme for ‘High-Efficiency Solar PV Modules’. 
  • MNRE Scheme on CPSU Scheme – Phase-II: IREDA is the Implementing Agency for the VGF (Viability Gap Funding) Based Bidding) for Grid Connected Solar Power Projects under Central Public Sector Undertaking (CPSU) Scheme

India’s Position on Renewable Energy

  • As per the updated Nationally Determined Contributions (NDC), India is committed to achieving about 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.

Government Initiatives for Renewable Energy

India’s Ranking 

  • 4th in Renewable Energy Installed Capacity 
  • 4th in Wind Power capacity 
  • 5th in Solar Power capacity (as per International Renewable Energy Agency – Renewable capacity statistics 2023.
  • Production Linked Incentive (PLI) Scheme for National Programme on High Efficiency Solar PV Modules
  • “Development of Solar Parks and Ultra Mega Solar Power Projects”
  • PM KUSUM Scheme
  • National Green Hydrogen Mission.

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