INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY (IREDA)

 Why in News?                                                                                                        

Indian Renewable Energy Development Agency Ltd. (IREDA) celebrated its 38^th Foundation Day on March marking a significant milestone in its journey towards fostering renewable energy development in India. The Foundation Day celebration provided a valuable opportunity to look back on IREDA’s 37-year journey and accomplishments. It was a moment to express gratitude to its dedicated employees, stakeholders, and business partners whose constant support has been instrumental in making IREDA the largest Pure Play Green Finance NBFC in the country.

What is IREDA?

• It is a Mini Ratna (Category–I) non-banking financial institution under the administrative control of Ministry of New and Renewable Energy (MNRE).
• It is a Public Limited Government Company established as a Non-Banking Financial Institution (NBFC) in
• REDA has been notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956 and registered as NBFC with Reserve Bank of India (RBI).
• REDA is primarily engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
• Motto: ENERGY FOR EVER

Objectives:

• To give financial support to specific projects and schemes for generating electricity and/ or energy through new and renewable sources and conserving energy through energy efficiency.
• To maintain its position as a leading organization to provide efficient and effective financing in renewable energy and energy efficiency/ conservation projects.
• Funding: IREDA generates its revenue through the interest and principal repayments from the projects it finances, as well as by raising funds from the market and through borrowing.