Indian Renewable Energy Development Agency Ltd (IREDA) has signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE), Government of India setting key targets for the year 2020-21. The MOU was signed by Indu Shekhar Chaturvedi, Secretary, MNRE and Pradip Kumar Das, Chairman & Managing Director, IREDA in the presence of senior officials from MNRE and IREDA.
Govt. of India has set a revenue target of Rs. 2,406 crore under ‘Excellent’ rating along with various performance-related parameters such as Operating Profit as percentage of Revenue from Operation, PAT as a percentage of Average Net worth, Loan disbursement, Overdue loan etc.
Till 2nd November 2020, IREDA has financed more than 2700 renewable energy projects in India with cumulative loan disbursements to the tune of Rs. 57,000 crore, and has supported green power capacity addition of 17,259 MW in the country.
Contextually, IREDA is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘Energy For Ever’. Recently, IREDA
has opened its third branch office in the country in Mumbai for facilitation of its customer, borrowers and other stakeholders.