Indian Renewable Energy Development Agency Ltd (IREDA), a renewable energy and energy efficiency lender under the Ministry of New & Renewable Energy, disbursed a record loan amount of INR 16,320 crore ($1,985.47 million) in FY 2022-23. Its earlier highest annual loan disbursement was INR 16,071 crore during FY 2021-22. IREDA also surpassed its highest annual loan sanction of INR 23,921 crore in FY 2021-22 and sanctioned loans aggregating to INR 32,578 crore as on March 27, 2023.
IREDA provides financial assistance to renewable energy projects across the country at competitive rates.
The Cabinet Committee on Economic Affairs (CCEA) recently approved IREDA listing on the stock exchanges through an Initial Public Offer (IPO) by the part sale of the government’s stake in it and to raise funds through issue of fresh equity shares by IREDA.
“The IPO will help in unlocking the value of government’s investment on one hand and on the other hand will provide an opportunity to the public to acquire a stake in the national asset and draw benefits therefrom. Besides, it will help IREDA in raising a part of its capital requirement for meeting growth plans. It will further improve the governance through greater market discipline and transparency arising from listing requirements and disclosures,” the company stated in a previous release.
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