IREDA Holds 16th Stakeholders' Interaction Meet to Chart Renewable Energy Course

The Indian Renewable Energy Development Agency Limited (IREDA) convened its 16th Stakeholders' Interaction Meet at the India International Centre in New Delhi today, marking a significant milestone in the pursuit of renewable energy development. The event drew enthusiastic participation from a diverse spectrum of business partners spanning Solar, Wind, Hydro, Bio Energy, and New & Emerging technologies.

The focal point of the meet was IREDA's presentation, highlighting its historic annual performance in FY 2023-24. Major initiatives undertaken for renewable energy development were discussed, alongside the execution of suggestions from previous interaction meets and future plans in alignment with the Government of India's targets.

Financial Milestones and Strengthened Capital Base

IREDA showcased notable financial achievements, with its Tier-1 Capital reaching an impressive Rs. 8,265.20 crores as of March 31, 2024. This substantial capital base empowers the agency to offer substantial project financing, extending up to Rs. 2,480 crores to a single borrower and Rs. 4,133 crores to a group of borrowers. Demonstrating robust growth, IREDA's net worth surged from Rs. 2,995 crores in FY 2020-21 to Rs. 8,559 crores in FY 2023-24, reflecting its financial prowess and stability.

Borrowers lauded IREDA for its efficient loan sanction process and faceless transactions, echoing the agency's commitment to fostering Ease of Doing Business. Additionally, stakeholders acknowledged IREDA's recent achievement of "Navratna" status and its distinction as the first NBFC to publish audited financial results within a remarkable 19-day period.

Commitment to Sustainability and Sector Needs

Addressing stakeholders, Pradip Kumar Das, Chairperson & Managing Director of IREDA, emphasized the importance of enhancing Ease of Doing Business and optimizing IT Infrastructure. He reaffirmed IREDA's dedication to sustainable corporate governance, transparency, and accountability, highlighting the company's adaptability in tailoring financial products to sector requirements. Notably, IREDA aims to play a pivotal role in fulfilling India's ambitious target of achieving 500 GW of installed electricity capacity from non-fossil sources by 2030, as outlined at COP26.

The meet facilitated interactive sessions, enabling stakeholders to directly engage with the leadership team, including Director (Finance), Dr. Bijay Kumar Mohanty, and other senior officials. Moreover, the event culminated in a memorable Hasya Kavi Sammelan, featuring renowned poets and satirists who infused moments of joy and laughter into the proceedings.