New Delhi [India], January 1 : Indian Renewable Energy Development Agency Ltd. (IREDA) recorded an extraordinary 129 per cent year-on-year growth in sanctions, amounting to Rs 31,087 crore, while disbursements surged by 41 per cent to Rs 7,236 crore, as per the provisional Q3 figures for FY 2024-25.
IREDA Chairman and Managing Director Pradip Kumar Das addressed employees via video conferencing on the New Year's Day on Wednesday and emphasized IREDA's untiring commitment to renewable energy financing.
He highlighted IREDA's leadership in driving market innovations, by offering first-to-market support for green ammonia, and pumped storage hydropower projects as well as de-centralized generation projects under solar rooftop and PM KUSUM.
Highlighting expansion efforts, Das mentioned the provisional registration of IREDA's wholly owned subsidiary at GIFT City, aimed at promoting green hydrogen and renewable energy equipment manufacturing through foreign currency financing.
He also shared details about the in-principle approval received to establish a retail subsidiary.
This subsidiary will focus on handling retail business under the PM-Suryaghar (Rooftop Solar) and PM-KUSUM schemes, as well as emerging B2C segments in renewable energy, including electric vehicles, energy storage, green technologies, and energy efficiency, an official release said.
"As per provisional Q3 figures, he underlined IREDA's stellar performance, surging 129 per cent year-on-year to Rs 31,087 crore and disbursements up 41 per cent to Rs 17,236 crore. The outstanding loan book grew 36 per cent reaching Rs 69,000 crore. Cumulatively, IREDA has sanctioned over Rs 2.39 lakh crore and disbursed more than Rs 1.52 lakh crore," the release said.
Das also recapped IREDA's key milestones from the past year, including attaining Navratna status, receiving an international sovereign-equivalent BBB-(Stable) rating from S&P Global, and maintaining domestic AAA ratings.
He noted IREDA's record-setting publication of FY23-24 financial results in just 19 days and hosting India's earliest AGM on June 24, 2024, the release said.
Additionally, IREDA has been recognized as one of the top five wealth creators in India for the period November 2023 to November 2024, securing the prestigious second position by the leading business newspapers, the release said. Notably, it is the only public sector enterprise on this top five wealth creators list.
Das praised the employees for their commitment and dedication, urging them to continue driving innovation and excellence in India's green energy mission. He also extended his appreciation to the family members of IREDA employees, acknowledging their crucial role in supporting the workforce behind the company's success.
Wishing all employees Happy New Year, he encouraged them to strive for even greater accomplishments in 2025.
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