State-owned renewables funding body aims for Rs2406 crore income this year


State-controlled renewable energy and energy efficiency lender the Indian Renewable Energy Development Agency Ltd (IREDA) wants revenue of Rs2406 crore this fiscal year.

The organization specified the aim in a recent memorandum of understanding signed with parent organization the Ministry of New and Renewable Energy.

IREDA provides credit for renewables and energy efficiency projects and claims to have financed more than 2,700 clean power facilities with loans worth INR57,000 crore, driving 17,259 MW of generation capacity.

The state lender has issued letters of comfort and guarantees of assistance and has introduced innovative financing products such as a credit enhancement scheme keyed to issuing bonds for solar and wind projects. IREDA issues short-term and top-up loans and also provided a factoring scheme to improve the business environment for clean energy projects and boost investment.

The renewables finance body reported gross income of INR2372 crore for the last fiscal year for growth of around 17% on the INR2022 received in 2018-19.

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