Indian Renewable Energy Development Agency Limited (IREDA)
IREDA in partnership with its knowledge partner Boston Consulting Group (BCG) recently convened a Strategic Meeting focusing on key aspects of business expansion and initiatives aimed at cost reduction in fund utilization.
About Indian Renewable Energy Development Agency Limited (IREDA):
- It is a Mini Ratna (Category–I) non-banking financial institution under the administrative control of the Ministry of New and Renewable Energy (MNRE).
- It is a Public Limited Government Company established as a Non-Banking Financial Institution (NBFC) in 1987.
- IREDA has been notified as a “Public Financial Institution” under Section 4 ‘A’ of the Companies Act, 1956, and registered as NBFC with the Reserve Bank of India (RBI).
- IREDA is primarily engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
- IREDA is the single largest “Green Financier” in the country. It caters to all technologies in the renewable energy sector and predominantly provides financing for the sector.
- Motto: ENERGY FOR EVER
- Objectives:
- 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 organization 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.
- Funding: IREDA generates its revenue through the interest and principal repayments from the projects it finances, as well as by raising funds from the market and through borrowings.