In a move to advancing green financing and expanding accessibility to renewable energy projects, the Chairman and Managing Director of Indian Renewable Energy Development Agency Ltd. (IREDA), Pradip Kumar Das, has unveiled plans for establishing a subsidiary focused on retail projects. This subsidiary will cater to a range of sectors including Rooftop Solar, PM-KUSUM, Electric Vehicles, and other Business-to-Consumer segments.
Speaking at a panel discussion during a conference, Das highlighted IREDA’s proactive approach towards meeting the needs of the Retail segments. He mentioned the potential for IREDA to set up a wholly owned subsidiary dedicated to these sectors, pending approval from the Government of India.
The discussion also emphasized supporting investments in India’s Renewable Energy sector to accelerate growth, with a particular focus on ensuring project bankability. He reiterated IREDA’s commitment to enhancing the bankability of Rooftop Solar projects, especially in light of the ‘PM Surya Ghar Muft Bijli Yojana’ announced by the Prime Minister on February 13, 2024.
CMD further underscored IREDA’s efforts in making various Renewable Energy technologies bankable, including emerging sectors such as Electric Vehicles, Green Hydrogen, and Offshore Wind. He pointed to IREDA’s success in reducing Non-Performing Assets (NPAs) over the past three years, attributing this achievement to addressing borrower concerns and enhancing transparency.
During the discussion, the CMD highlighted the crucial role of Micro, Small, and Medium Enterprises (MSMEs) in environmental sustainability. He reiterated IREDA’s commitment to addressing challenges faced by MSMEs and promoting their engagement in the Renewable Energy sector. Das emphasized the need for MSMEs to enhance their ratings and governance standards, which would enable them to access finance for renewable energy projects at competitive interest rates.
