Indian Renewable Energy Development Agency informed that it has signed a facility agreement for raising external commercial borrowing (ECB) from SBI Tokyo Branch for JPY 26 billion (Rs 1,476 crore), including a green shoe option of JPY 10 billion.
The five-year unsecured loan will be repaid in a single payment at maturity and is expected to enhance IREDAs presence in global financial markets.
Commenting on the agreement, Pradip Kumar Das, chairman & managing director, IREDA, stated, This facility enables us to diversify our resource base and optimize costs, enhancing our lending operations to support Indias renewable energy sector. The transaction reflects the strong confidence of global investors in IREDAs financial stability and growth potential.
Indian Renewable Energy Development Agency (IREDA) is a 'Navratna' Government of India enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). IREDA is a public limited government company, established as a non-banking financial institution in 1987, engaged in promoting, developing, and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. As of December 2024, the Government of India held a 75% stake in IREDA.
The company's standalone net profit jumped 27% to Rs 425 crore on a 36% increase in revenue from operations to Rs 1,698 crore in Q3 FY25 over Q3 FY24.
Shares of IREDA rose 0.14% to Rs 161.89 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
