Indian Renewable Energy Development Agency Explained

Indian Renewable Energy Development Agency Limited
Trade Name:IREDA
Type:Public
Hq Location:India Habitat Centre, East Court, Core-4A, 1st Floor, Lodhi Road, New Delhi, India
Equity: (2024)
Owner:Government of India (75%)[1]
Revenue: (2024)[2]
Operating Income: (2024)
Profit: (2024)
Assets: (2024)

Indian Renewable Energy Development Agency Limited (IREDA) is an Indian public sector enterprise which provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation. Formed in 1987, IREDA is a Navratna organisation owned by the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE).[3]

In November 2023, IREDA went public with an initial public offering (IPO), listing on NSE and BSE.[1]

Operations

Indian Renewable Energy Development Agency Limited[4] is a Public Limited Government Company and a Non-Banking Financial Institution[5] formed with the objective of promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.[6] It is a Mini Ratna (Category – I) Government of India Enterprise and under the administrative control of Ministry of New and Renewable Energy (MNRE).[7]

Objectives and policies

Status Change

On April 26, 2024 IREDA was officially granted Navratna status by the Department of Public Enterprises (DPE) . Business Standard reports; "Obtaining Navratna status in India bestows significant advantages on a Public Sector Undertaking (PSU). These include greater financial and operational autonomy, allowing for swifter decision-making and improved responsiveness to market shifts. The enhanced freedom also translates to increased investment opportunities, attracting capital for growth initiatives."[12]

External links

Notes and References

  1. News: IREDA's IPO offers a renewable play on climate needs, so does a crowd of peers . 16 January 2024 . The Economic Times.
  2. Web site: IREDA Profit and loss accounts.
  3. Web site: IREDA granted Navratna Status by DPE. .
  4. Web site: vishal . Raval . ireda-share-price-target-2025-a-comprehensive-analysis . bestnewsreport.com . 19 July 2024.
  5. News: IREDA signs MOU with TANGEDCO in Green Energy projects . 17 April 2022 . NewsOnAIR . 8 September 2021.
  6. News: IREDA Registers All-Time High Half-Yearly PAT . 9 April 2022 . Odisha News Odisha Breaking News Latest Odisha News . 13 November 2021.
  7. News: Cabinet approves Rs 1,500 crore infusion in IREDA to boost renewable energy financing . 9 April 2022 . The Indian Express . 19 January 2022 . en.
  8. News: IREDA eyes Rs 2,749 cr revenue in 2021-22 . 17 April 2022 . The Economic Times . 15 February 2022.
  9. Web site: Team . ThePrint . 2024-04-18 . IREDA sets up office in GIFT City to support green hydrogen and renewable energy projects . 2024-05-25 . ThePrint . en-US.
  10. News: IREDA calls solar module manufacturing bids under PLI scheme . 17 April 2022 . mint . 11 June 2021 . en.
  11. Web site: IREDA holds Strategic Meet, outlines plans for Business Expansion and Cost Reduction . 2024-02-03 . pib.gov.in . en.
  12. Web site: April 26, 2024 . IREDA spurts after achieving Navratna status . Business Standard.