Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency Ltd. (IREDA), addressed all employees via video conferencing on New Year’s Day, setting an inspiring tone for 2025. The session was attended by Dr. Bijay Kumar Mohanty, Director (Finance); Ajay Kumar Sahani, Chief Vigilance Officer; and other senior officials.
CMD reaffirmed IREDA’s steadfast commitment to renewable energy financing and its leadership in driving market innovations. He spotlighted pioneering efforts, including first-to-market financing for Green Ammonia and Pumped Storage Hydropower projects, as well as decentralized solar initiatives under the PM KUSUM and Solar Rooftop schemes.
Expanding Horizons
Das revealed the provisional registration of IREDA’s wholly owned subsidiary at GIFT City, established to promote Green Hydrogen and renewable energy equipment manufacturing through foreign currency financing. Additionally, he announced in-principle approval for a new retail subsidiary, which will focus on retail business under PM-Suryaghar and PM-KUSUM schemes, alongside emerging B2C renewable energy segments such as electric vehicles, energy storage, green technologies, and energy efficiency solutions.
Stellar Performance in FY 2024-25
Sharing provisional Q3 figures, Shri Das highlighted a remarkable 129% year-on-year growth in sanctions, reaching ₹31,087 crore, and a 41% increase in disbursements to ₹17,236 crore. The outstanding loan book grew 36%, hitting ₹69,000 crore. Cumulatively, IREDA has sanctioned over ₹2.39 lakh crore and disbursed more than ₹1.52 lakh crore since its inception.
Key Milestones of 2024
IREDA celebrated several achievements in 2024, including:
- Securing Navratna status.
- Receiving an international BBB-(Stable) sovereign-equivalent rating from S&P Global and maintaining domestic AAA ratings.
- Publishing FY23-24 financial results in a record 19 days and hosting India’s earliest Annual General Meeting (AGM) on June 24, 2024.
- Ranking as one of the Top 5 Wealth Creators in India for November 2023–November 2024, earning the prestigious 2nd position, and being the only public sector enterprise on the list.
Acknowledgments and Aspirations
Expressing gratitude, CMD acknowledged the guidance and support of Shri Pralhad Joshi, Hon’ble Union Minister of New & Renewable Energy; Shri Shripad Naik, Hon’ble Minister of State for Power and New & Renewable Energy; Shri Prashant Kumar Singh, Secretary, MNRE; and the Board of Directors. He also praised the unwavering dedication of IREDA’s employees and recognized the invaluable support of their families.
