Page 6 - Ireda

Ireda partners with banks to boost renewable energy projects in India

Agreements with Union Bank of India and Bank of Baroda set to empower renewable energy projects

Centre sets Rs 4,350 cr as target for IREDA in operating revenues

In the previous financial year, Indian Renewable Energy Development Agency (IREDA) managed to achieve revenue from operations of Rs 3,482 crore, surpassing the target of Rs 3,361 crore

IREDA signs a pact with IIFCL to finance renewable energy projects

Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects.As per Ministry of New and Renewable Energy, the MoU will empower IREDA and IIFCL to engage in Co-Lending / Co-Origination and Loan Syndication for all categories of Renewable Energy projects, including Small Hydro projects. Both organisations will strive to also fix interest rates for IREDA borrowings for a period of three to four years. Further, IIFCL may invest in the bonds issued by IREDA, as per the terms and conditions of the issue."The MoU was signed today by Chairman & Managing Director, IREDA, S Pradip Kumar Das and Managing Director, IIFCL, P R Jaishankar," the Ministry addedSpeaking on the occasion, CMD, IREDA said: "We are pleased to partner with IIFCL and offer our techno-financial expertise to IIFCL for the development of Renewable Energy sector. With this collaboration, we

IREDA aims Rs 4,350 cr operational revenues in FY24, Rs 5,220 cr in FY25

State-owned IREDA has set a target of achieving Rs 4,350 crore revenue from operations during the current financial year. In the next fiscal, it aims to touch a revenue of Rs 5,220 crore from operations, Indian Renewable Energy Development Agency Ltd (IREDA) said in a statement on Monday. In this regard, the company has also signed a performance-based memorandum of understanding (MoU) with the Ministry of New and Renewable Energy (MNRE). The MoU, in alignment with the Department of Public Enterprises (DPE) guidelines, outlines strategic targets that IREDA aims to achieve during the fiscal years 2023-24 and 2024-25. "The government of India has set a revenue from operation target of Rs 4,350 crore for 2023-24 and Rs 5,220 crore for 2024-25. IREDA had achieved a revenue from operation of Rs 3,482 crore in the preceding fiscal year," the statement said. The government, in the agreement, has also defined key performance parameters including return on net worth, return on capital emplo

IREDA reports Q1 net profit of Rs 295 cr, loan book grows to Rs 47,207 cr

State-owned Indian Renewable Energy Development Agency (IREDA) has posted a profit after tax (PAT) of Rs 295 crore for the June quarter on account healthy loan book. In a statement on Saturday, IREDA said it has "reported loan disbursement of Rs 3,173 crore with a growth of 272 per cent, all-time high quarterly PAT of Rs 295 crore, up 30 per cent. Loan book surged 44 per cent to Rs 47,207 crore as of June 30, 2023, showcasing a robust growth of 44 per cent." IREDA, under the Ministry of New and Renewable Energy (MNRE), is a Non-Banking Financial Institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. Its PAT in the June quarter of 2022-23 was Rs 226 crore. Its loan book was Rs 32,679 crore and loan disbursements were Rs 852 crore, the company said. Its total income from operations was at Rs 1,143 crore, up 45 per cent as against Rs 786 crore in the ...

IREDA posts 36% YoY growth in loan sanctions at Rs 32,586 cr: CMD PK Das

State-owned IREDA has reported over 36 per cent year-on-year growth in loan sanction at Rs 32,586.60 crore in FY23, its CMD Pradip Kumar Das said. The company has also posted a 34.65 per cent year-on-year rise in loan disbursement at Rs 21,639.21 crore during FY23, Das said in his address to the company's shareholders. Speaking at the company's 36th annual general meeting (AGM), he informed that "loan sanction was at 32,586.60 crore, up 36.23 per cent increase compared to FY22, (and) loan disbursement was at 21,639.21 crore, a 34.65 per cent growth compared to FY 22". The company's loan book stood at Rs 47,076 crore, higher than 38.75 per cent in FY22. It has also reported a profit before tax (PBT) of Rs 1,139.25 crore and profit after tax (PAT) of Rs 864.63 crore, respectively, in the last fiscal. Its net worth rose 12.66 per cent to Rs 5,935.17 crore in FY23, the CMD said. "IREDA actively engages in partnerships with green energy developers to recognise their evolving requireme

Govt may file draft papers for IREDA public offering by Sept: DIPAM Secy

The government is planning to file draft papers for an initial public offering of state-owned Indian Renewable Energy Development Agency (IREDA) by September, a top official said. "We have appointed the merchant bankers and they will proceed with valuation. We should be able to file the DRHP in 3-4 months, could be by September," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told PTI. A public sector enterprises under Ministry of New and Renewable Energy (MNRE), IREDA is engaged in the financing of renewable energy and energy efficiency projects. Last month, the Cabinet Committee on Economic Affairs (CCEA) approved the listing of IREDA through an initial public offer (IPO) to part sale the government's stake and raise funds for IREDA through the issue of fresh equity shares. Earlier in March 2022, the government infused Rs 1,500 crore capital in IREDA, which is a non-banking finance company (NBFC). The company posted an all-time high net

Ireda posts all-time high net profit of Rs 865 cr in 2022-23 fiscal

State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday posted an all-time high net profit or profit after tax at Rs 865 crore in 2022-23 fiscal year on lower bad loans at 1.66 per cent. IREDA, a renewable energy funding company, has reported an all-time high annual Profit After Tax (PAT) of Rs 865 crore and Profit Before Tax (PBT) of Rs 1,139 crore in the financial year 2022-23, a company statement said. The figures represent a significant growth of 36 per cent and 37 per cent, respectively, over the preceding financial year 2021-22. IREDA's Net Non-Performing Assets (NPAs) or bad loans have reduced to 1.66 per cent in FY23 from 3.12 per cent in FY22, a significant reduction of 47 per cent (in percentage terms) on year on year basis. The Board of Directors of IREDA approved the audited financial results for the financial year 2022-23 in a meeting held on Tuesday while lauding the company's outstanding performance and continued growth. The loan book of IREDA has

IREDA makes record Rs 16,320 cr loan disbursements in 2022-23 fiscal

State-owned IREDA on Monday said it has made a record Rs 16,320 loan disbursement and sanctioned loans worth Rs 32,578 crore in the 2022-23 fiscal. The milestone achieved is the highest in the history of the company, Indian Renewable Energy Development Agency Ltd (IREDA) said in a statement. "The company exceeded the historical mark and touched loan disbursement of Rs 16,320 crore and touched loan sanction of Rs 32,578 crore as on March 27, 2023). Last year, IREDA has achieved loan disbursement of Rs 16,071 crore and loan sanction of Rs 23,921 crore," it said. Pradip Kumar Das, Chairman and Managing Director, IREDA, said the record-breaking loan disbursement and sanction reflect the company's commitment towards its mission of promoting and financing renewable energy projects in India. IREDA, under the Ministry of New and Renewable Energy (MNRE), is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects relatin

Union Cabinet approves listing of IREDA on stock exchange through IPO route

The IREDA is a wholly owned mini-Ratna company, engaged in financing of renewable energy and energy efficiency projects in India

State-owned IREDA gets Infrastructure Finance Company status from RBI

State-owned Indian Renewable Energy Development Agency (IREDA) on Monday said it has received Infrastructure Finance Company status from the Reserve Bank of India. The Reserve Bank of India (RBI) granted an 'Infrastructure Finance Company (IFC)' status to Indian Renewable Energy Development Agency (IREDA) on Monday, a company statement said. It was earlier classified as an 'Investment and Credit Company (ICC)'. With the IFC status, IREDA will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising. The recognition of IREDA as an IFC will increase the investors' confidence, enhance the brand value and generate a positive outlook in the market. The grant of IFC status is a recognition of IREDA's 36 years of infrastructure financing and development with focused development of renewable energy. With IFC status, IREDA will keep contributing towards

IREDA profit after tax rises 87% to over Rs 200.75 crore for Dec quarter

State-owned IREDA on Thursday posted a rise of 87 per cent in its profit after tax at Rs 200.75 crore in the December 2022 quarter, mainly on higher income. The company had clocked a PAT (profit after tax) of Rs 107.19 crore during October-December quarter of preceding 2021-22 fiscal, Indian Renewable Energy Development Agency (IREDA) said in a statement. Its total income rose by 17 per cent to Rs 868.98 crore from Rs 743.30 crore in the year ago quarter. IREDA's net Non-Performing Assets (NPAs) reduced to 2.03 per cent in the third quarter of FY23 from 6.26 per cent in the same quarter a year ago. The company disbursed loan worth Rs 6,341.81 crore as against Rs 1,484.84 crore a year ago, up by 327 per cent. Its overall loan book stood at Rs 37,887.69 crore as against Rs 26,937.45 crore a year ago, up by 41 per cent. Pradip Kumar Das, Chairman and Managing Director (CMD), IREDA, said, "We are happy to post historical financial results for the third quarter with more than three-fo

IREDA, WAPCOS to hit capital markets next fiscal: DIPAM Secy Tuhin Pandey

The government is targeting to launch the initial public offering (IPO) of clean energy lender IREDA and state-owned engineering consultancy firm WAPCOS in the next fiscal, DIPAM Secretary Tuhin Kanta Pandey said. The proceeds from the stake sales would form part of the Budgeted disinvestment kitty of Rs 51,000 crore for the next fiscal. "IREDA is lined up for Initial public offering (IPO) next fiscal. DRHP for WAPCOS has already been filed," Pandey told PTI. The Department of Investment and Public Asset Management (DIPAM) manages government equity holding in public sector companies. WAPCOS, an engineering consultancy and construction services firm under the Jal Shakti Ministry, had in September last year filed draft papers with market regulator Sebi for launching an IPO by selling 3.25 crore shares held by the government. The company's revenue from operations stood at Rs 2,798 crore, while net profit was Rs 69.16 crore in 2021-22. The IPO of the Indian Renewable Energy Developme

IREDA Q2 net profit surges 67% to Rs 184 crore on higher revenues

The Indian Renewable Energy Development Agency (IREDA) on Saturday posted 67 per cent jump in net profit at Rs 184.30 crore for September quarter 2022-23, mainly due to higher revenues. In the year-ago period, the profit after tax was Rs 110.27 crore, according to a statement from Ministry of New & Renewable Energy. Gross income rose to Rs 791.56 crore from Rs 682.94 crore. IREDA's Net Non-Performing Assets (bad loans) were reduced to 2.72 per cent in the quarter under review from 4.87 per cent in the same period a year ago. Its loan book stood at Rs 33,783.36 crore in the quarter as against Rs 28,856.48 crore earlier. The agency sanctioned loans of Rs 11,226.49 crore in the quarter as compared with Rs 5,925.12 crore in the same period a year ago.

Cabinet approves second tranche of solar PLI worth Rs 19,500 crore

The corpus was increased to Rs 19,500 crore under the Union Budget 2022-23 to accommodate the large number of bids

Renewable Energy Development Agency to issue tenor bonds to raise Rs 400 cr

The state-run company has invited coupon and commitment bids from bankers and investors on Friday

IREDA may raise up to Rs 15,000 crore via long-term bonds in FY23

IREDA has a well-diversified borrowing profile, with access to funds through tax-free bonds, taxable bonds, bank/financial institution (FI) loans, masala bonds and foreign currency loans

IREDA profit jumps 83% to all-time high of Rs 634 cr in FY22

State-owned Indian Renewable Energy Development Agency (IREDA) has posted a historic all-time high profit of Rs 634 crore for 2021-22. This profit was 82.88 per cent higher as compared to the previous year's. Profit Before Tax (PBT) in 2021-22 was Rs 834 crore, higher by 46.41 per cent from 2020-21, a company statement said. The IREDA board approved the financial results for 2021-22 in a meeting held on Saturday while lauding the company's outstanding performance under challenging conditions. The loan book of IREDA, an NBFC under Ministry of New & Renewable Energy grew from Rs 27,854 crore as on March 31, 2021 to Rs 33,931 crore at March-end this year, registering a growth of 21.82 per cent. The company registered highest-ever loan sanction of Rs 23,921 crore , a growth of 117.44 per cent from the previous year's. The loan disbursement of Rs 16,071 crore is the highest in the company's history and a record increase by 82 per cent from the previous year. The net-worth of the ...

Union Bank of India plans to raise Rs 1,500 crore through AT1 bond

The bank had capital adequacy ratio of 13.92 per cent with tier I of 11.75 per cent at end of December 2021

Union Cabinet approves Rs 1,500 cr infusion in IREDA, says Thakur

The government on Wednesday decided to infuse Rs 1,500 crore in the Indian Renewable Energy Development Agency Limited (IREDA), raising its lending capacity to Rs 12,000 crore