IREDA’s Vision for Renewable Energy in 2025
On New Year’s Day 2025, Shri Pradip Kumar Das, the Chairman and Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), delivered an inspiring address to all employees through video conferencing. He was joined by key figures such as Dr. Bijay Kumar Mohanty, Director (Finance), and Shri Ajay Kumar Sahani, Chief Vigilance Officer, along with other senior officials. This meeting set a positive tone for the year ahead, emphasizing IREDA’s commitment to renewable energy and its ambitious plans for the future.
Commitment to Renewable Energy Financing
Shri Das opened his address by reaffirming IREDA’s unwavering commitment to financing renewable energy projects. He highlighted the agency’s leadership role in driving market innovations. IREDA has been at the forefront of supporting groundbreaking initiatives, including Green Ammonia and Pumped Storage Hydropower projects. Additionally, the agency has made significant strides in decentralized generation projects, particularly under the Solar Rooftop and PM KUSUM schemes. These initiatives not only promote sustainable energy but also contribute to India’s broader goals of reducing carbon emissions and enhancing energy security.
The focus on innovative financing solutions is crucial for the growth of the renewable energy sector. IREDA’s efforts to introduce first-to-market support for these projects demonstrate its proactive approach. By providing financial backing for emerging technologies, IREDA is helping to create a more sustainable energy landscape in India. This commitment is essential as the country seeks to transition to cleaner energy sources and reduce its reliance on fossil fuels.
Expansion Efforts and New Subsidiaries
In his address, Shri Das also discussed IREDA’s expansion efforts, particularly the provisional registration of a wholly owned subsidiary at GIFT City. This new entity aims to promote Green Hydrogen and renewable energy equipment manufacturing through foreign currency financing. This strategic move is expected to attract foreign investments and enhance the domestic manufacturing capabilities of renewable energy technologies.
Moreover, Shri Das shared exciting news about the in-principle approval received to establish a retail subsidiary. This subsidiary will focus on managing retail business under the PM-Suryaghar (Rooftop Solar) and PM-KUSUM schemes. It will also explore emerging business-to-consumer (B2C) segments in renewable energy, including electric vehicles, energy storage, green technologies, and energy efficiency. By diversifying its operations, IREDA aims to cater to a broader audience and facilitate the adoption of renewable energy solutions across various sectors.
Stellar Performance and Key Milestones
Shri Das highlighted IREDA’s impressive performance in the past year, citing provisional Q3 figures that show a remarkable 129% year-on-year increase, reaching ₹31,087 crore. Disbursements also surged by 41%, totaling ₹17,236 crore. The outstanding loan book grew by 36%, reaching ₹69,000 crore. Cumulatively, IREDA has sanctioned over ₹2.39 lakh crore and disbursed more than ₹1.52 lakh crore, showcasing its robust financial health and commitment to supporting renewable energy projects.
In addition to these financial achievements, Shri Das recapped several key milestones from the previous year. IREDA attained Navratna status and received an international sovereign-equivalent BBB-(Stable) rating from S&P Global, alongside maintaining domestic AAA ratings. The agency also set a record by publishing its FY23-24 financial results in just 19 days and hosting India’s earliest Annual General Meeting on June 24, 2024. Notably, IREDA was recognized as one of the Top 5 Wealth Creators in India for the period from November 2023 to November 2024, securing the prestigious second position among leading business newspapers. This recognition underscores IREDA’s significant contributions to the Indian economy and its role as a public sector leader.
Acknowledgement and Future Aspirations
In concluding his address, Shri Das expressed gratitude to various stakeholders, including Shri Pralhad Joshi, the Hon’ble Union Minister of New & Renewable Energy, and other senior officials for their invaluable support and guidance. He acknowledged the hard work and dedication of IREDA employees, urging them to continue driving innovation and excellence in India’s green energy mission.
Shri Das also recognized the crucial role of employees’ families in supporting the workforce behind IREDA’s success. He celebrated the agency’s remarkable achievements and contributions in 2024, wishing all employees a Happy New Year and encouraging them to strive for even greater accomplishments in 2025. This call to action reflects IREDA’s commitment to not only achieving its goals but also fostering a culture of excellence and innovation in the renewable energy sector.
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