New Delhi: The 2025 fiscal period has functioned as a critical inflection point for the Indian Renewable Energy Development Agency (IREDA), transitioning the entity from a traditional financier to a systemic architect of India’s energy independence. Under the leadership of Shri Pradip Kumar Das, CMD, the organization has navigated the complexities of global capital markets while maintaining a rigorous focus on the socio-legal mandates of the green transition.
The year 2025 was characterized by an aggressive expansion of the sovereign-backed lending portfolio, necessitated by India’s target to achieve 500 GW of non-fossil fuel capacity by 2030. IREDA’s loan book experienced a structural surge, surpassing ₹84,000 crore by the third quarter of 2025, a growth driven by an evidence-based approach to de-risking emerging technologies.
Financially, the agency achieved a revenue from operations exceeding ₹6,700 crore, outperforming Ministry of New and Renewable Energy (MNRE) targets. This fiscal health was reinforced by the government’s strategic intervention in July 2025, granting Section 54EC tax-exempt status to IREDA bonds. This move provided a low-cost capital pipeline, essential for sustaining thin margins while financing high-gestation projects in the solar, wind, and pumped storage sectors.
Furthermore, the successful deployment of a ₹3,000 crore Qualified Institutional Placement (QIP) and the oversubscription of perpetual bonds demonstrated deep market confidence. This capital infusion allowed for a critical shift toward retail segments, particularly through the PM-Surya Ghar (Rooftop Solar) and PM-KUSUM schemes, democratizing access to clean energy at the grassroots level.
As we enter 2026, CMD Shri Pradip Kumar Das has outlined a roadmap that moves beyond mere volume, focusing on structural density and regional equity. The strategic priorities for 2026 are built upon three pillars of systemic evolution:
Regional Inclusion and the Eastern Frontier: Recognizing that Eastern India lags behind the national average in renewable installation, IREDA has committed to a dedicated regional strategy for 2026. This involves mobilizing specialized credit facilities for the North-Eastern Region and states like Odisha and West Bengal to tap into underutilized hydropower and biomass potential. This is viewed not just as a business expansion, but as a moral imperative to ensure equitable development.
Operationalizing the GIFT City Subsidiary: A primary focus for 2026 is the full-scale operationalization of IREDA Global Green Energy Finance IFSC Limited at GIFT City. By facilitating foreign currency lending, the agency aims to mitigate hedging risks for developers and attract international ESG-focused capital, effectively bridging the gap between global liquidity and domestic infrastructure needs.
Innovation in Green Taxonomy and ESG Governance: Shri Pradip Kumar Das has emphasized that the 2026 growth trajectory will be underpinned by a comprehensive green taxonomy framework. This socio-legal precision in defining sustainable assets will enhance transparency and prevent greenwashing, ensuring that every rupee disbursed contributes to a measurable reduction in carbon intensity.
The revenue target for FY 2025-26 has been set at a formidable ₹8,200 crore. To achieve this, IREDA is pivoting toward financing the complete value chain of green hydrogen and battery storage, while strengthening its Entity Appraisal Division to maintain a net NPA ratio below 2%.
In this journey of transformation, we seek the grace of Lord Jagannatha, the Lord of the Universe, to guide the nation toward a future where energy is not only sustainable but serves as a catalyst for collective human dignity and environmental stewardship.