New Delhi: The Indian Renewable Energy Development Agency Limited (IREDA) and the Ministry of New and Renewable Energy (MNRE) have solidified their commitment to India’s green energy future by signing a performance-based Memorandum of Understanding (MoU) for the fiscal year 2025-26. The landmark agreement, signed today at the Atal Akshay Urja Bhawan, outlines a challenging and strategic roadmap for IREDA, a key player in the nation’s energy transition.
The MoU sets a formidable Revenue from Operations target of ₹8,200 crores for FY 2025-26, reflecting the government’s confidence in IREDA’s ability to drive growth in the renewable energy sector. The agreement was signed by Shri Santosh Kumar Sarangi, Secretary, MNRE, and Shri Pradip Kumar Das, Chairman & Managing Director, IREDA.
As the Secretary of the Ministry of New and Renewable Energy, Shri Santosh Kumar Sarangi, a 1994-batch IAS officer of the Odisha cadre, has been at the forefront of policy and strategy for the country’s clean energy goals. His extensive experience across diverse sectors, including commerce and education, has provided a comprehensive perspective to his role.
Shri Sarangi’s signing of the MoU with IREDA underscores the government’s strong support for the agency and its pivotal role in achieving India’s renewable energy targets. This move is a clear signal of the strategic alignment between the ministry and its key financial arm.
Under the dynamic leadership of Chairman & Managing Director, Shri Pradip Kumar Das, IREDA has consistently exceeded its performance targets.
The company’s remarkable achievement of ₹6,743.32 crores in Revenue from Operations for FY 2024-25, surpassing the target of ₹5,957 crores, is a testament to his vision and management.
Expressing his confidence in the company’s future, CMD Shri Das remarked, “With the hope for continuing excellent performance for this year also, we are committed to sustaining our track record of excellence.”
CMD Shri Das highlighted IREDA’s consistent success, noting that the agency has earned an ‘Excellent’ rating in its MoU performance for four consecutive years. For the FY 2023-24 MoU rating, IREDA was recognized as the top performer among NBFCs and in the Power sector, and among the top four CPSEs across all sectors.
A top notch financial wizard, Shri Das’s Leadership has been instrumental in strengthening IREDA’s financial position and cementing its role as India’s premier renewable energy financier.
The MoU for FY 2025-26 also incorporates other vital performance parameters, including Return on Net Worth, Return on Capital Employed, NPA to Total Loans, Asset Turnover Ratio, and EBTDA, ensuring a holistic approach to evaluating the agency’s performance and accountability.