IREDA’s cumulative sanctioned RE loan amount stands at Rs1.45 trillion: CMD
2 min read . Updated: 12 Mar 2023, 09:01 PM IST
Premium- Pradip Kumar Das stressed upon the fact that IREDA being the largest RE funding agency in the country, stands fully committed towards achieving the government’s ‘Panchamrita’ targets and to be an integral part in achieving the 500 GW of non-fossil fuel-based capacity by 2030
NEW DELHI : With the growth of renewable energy sector in the country, cumulative sanctioned renewable energy loan amount of Indian Renewable Energy Development Agency Limited’s (IREDA) stands at over ₹1.45 trillion, said its CMD Pradip Kumar Das.
IREDA on Sundaty organized a “cyclothon" event to cover a distance of 36 kms with a minimum coverage of 3.6 kilometres to commemorate 36 years of IREDA’s existence. The CMD was speaking at the event.
A statement from the ministry of new and renewable energy said that Das stressed upon the fact that IREDA being the largest RE funding agency in the country, stands fully committed towards achieving the government’s ‘Panchamrita’ targets and to be an integral part in achieving the 500 GW of non-fossil fuel-based capacity by 2030.
He said that IREDA has cumulatively sanctioned RE loans amounting to more than ₹1.45 trillion and financed RE loans exceeding ₹92,000 crore as on date with a loan book size exceeding ₹40,000 crore, ensuring “best corporate governance practices, which have become benchmark to others".
He noted that the rating for IREDA has been upgraded to AAA (Outlook: Stable) rating from the earlier AA (Outlook: Positive) rating by ICRA due to the complete turnaround in IREDA’s performance in the last three years.
The cyclothon was flagged off by Secretary, MNRE, Shri Bhupinder Singh Bhalla, from India Habitat Centre, Lodhi Road, New Delhi. Speaking on the occasion, Shri Bhalla complemented IREDA for spearheading the development of Clean and Renewable Energy (RE) in India since last 36 years. He further mentioned that IREDA is the largest RE financing agency amongst all the domestic funding arms.
The secretary congratulated IREDA for organizing the “cyclothon" event, not only from the health perspective, but also promoting the significance of a green energy for a clean environment.
Dinesh Dayanand Jagdale, Joint Secretary, MNRE applauded IREDA over conducting such events from time to time and praised IREDA’s major contribution towards advancing RE development in India.
The IREDA CMD was of the view that while the event is an effort towards propagating the importance of clean energy in the society at large, it also shows IREDA’s commitment towards health and fitness of human assets.
The “Cyclothon" event was attended by M Nagaraj, Director (Corporate Planning), HUDCO and Lokesh Kumar Aggarwal, Director Finance & CFO, ITDC along with officials from the MNRE, DPE, C&AG, PFC, REC, BHEL, MMTC, AIIMS, and also private firms like HCL, AMAZON among others. The event was also graced by participants from Germany who shared their experiences of cycling in India and expressed their delight to be participating in this event.