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IREDA Moves Overseas

New Delhi: Country’s Renewable Energy Major, Indian Renewable Energy Development Agency (IREDA) is setting up an Overseas Office in Gujarat’s GIFT City to finance Renewable Energy Projects in Foreign Currency, scaling up to ‘Next Level’

IREDA under the leadership of Pradip Kumar Das, Chairman and Managing Director (CMD) has received phenomenal growth over past 3 years.

Most Dynamic CMD of IREDA made this major announcement as he sees lot of opportunities in the Renewable Energy Sector.

Speaking in the Panel Discussion on ‘Scaling Up Clean Energy Investment in Emerging Economies’ under the aegis of G20 Events of Ministry of New and Renewable Energy on Thursday here.

Shri Das, who is scaling up IREDA to next level is chalking out plans to make IREDA financially robust and in the process allowing IREDA to avoid foreign exchange hedging cost.

CMD Shri Das stressed upon the importance of Green Taxonomy to raise Rs.25 Lakh Crore Fund for Green Energy Projects by 2030.

An Ace Mandarin handling Renewable Energy Financing Sector urged the Insurance and Superannuation Funds can be mandated to invest 2 Percent of their assets under management in Green Bonds to finance Green Energy Projects.

IREDA has concentrated on providing handholding approach of its Stakeholders with every possible support in compliance with best Corporate Governance Standards, informed CMD Shri Das.

Due to such proactive approach and regular monitoring , IREDA has been able to lower its Net NPAs from 7.18 Percent to 2.03 Percent during past three years, said Shri Das.

In fact IREDA is the trend setter to introduce ‘Unique Financial Products’ as per Market requirements, said CMD.

With Conviction, Commitment and Clarity (3C) Principle IREDA is ensuring highest standard of Corporate Governance, said Shri Das.

He informed that IREDA is favored by World Bank, KfW, ADB, JICA to channel their funds for Renewable Energy Funding.

CMD Shri Das harped on ‘Motherly Role for IREDA in Renewable Energy Financing Sector.

IREDA, being the ‘Top Choice’ for Renewable Energy Funding by the International Multilateral and Bilateral Agencies, its CMD requested these Institutions to review their appraisal process in order to speed up financial support by reducing processing time and other bottlenecks.