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IREDA Gets 'Infrastructure Finance Company' Status From RBI, To Bolster Renewable Energy Financing In India
IREDA finances renewable energy projects in India (Representative Image)
The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA) on Monday (13 March).
IREDA was earlier classified as ‘Investment and Credit Company (ICC)’.
With the IFC status, IREDA will be able to take higher exposure in renewable energy financing.
The IFC status will also help the company to access wider investor base for fund mobilisation, resulting in competitive rates for fund raising.
Further, recognition of IREDA as an IFC will also increase the investors’ confidence, enhance the brand value, and generate positive outlook in the market.
In a statement, the Ministry of New and Renewable Energy said that the grant of IFC status is a recognition of IREDA’s 36 years of infrastructure financing and development with focused development of renewable energy.
With IFC status, IREDA will keep contributing towards Centre’s target of 500 GW installed capacity of non-fossil fuels by 2030, the ministry said.
Pradip Kumar Das, Chairman and Managing Director of IREDA, said, “The IFC status is a significant milestone for IREDA and will enable us to maintain our leading position as a financier of RE space. IREDA will continue to play a motherly role for development of RE sector.”
Established in 1987, IREDA has been promoting, developing and financing new and renewable sources of energy.
It finances all RE technologies and value chain such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies.
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