In News
- The Cabinet Committee on Economic Affairs (CCEA) cleared a proposal for an equity infusion of ?1,500 crores in the state-owned Indian Renewable Energy Development Agency (IREDA).
- The move will enhance the lending capacity of the non-banking financial company (NBFC) in the renewable energy (RE) sector.
About
- Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
- IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation
- The motto: “ENERGY FOR EVER”
Objectives of IREDA:
- To give financial support to specific projects and schemes for generating electricity and/or energy through new and renewable sources and conserving energy through energy efficiency.
- To maintain its position as a leading organisation to provide efficient and effective financing in renewable energy and energy efficiency/conservation projects.
- To increase IREDA`s share in the renewable energy sector by way of innovative financing.
- Improvement in the efficiency of services provided to customers through continual improvement of systems, processes and resources.
- To strive to be a competitive institution through customer satisfaction.
Upcoming steps:
- It is also in the process of setting up an Alternate Investment Fund (AIF) to tap large institutional investors such as a pension, insurance, and ESG (Environmental, Social and Governance) funds.
- The AIF will also help IREDA in financing new projects of borrowers nearing their exposure limit
Source:TH
