On 19th January 2022, the Government Cabinet approved a large scale economic infusion of Rs 1,500 crore into IREDA with an objective to facilitate financing of up to 4 GW of renewable energy via loans and other financial mechanisms, including Generation Based Incentives (GBI) for wind power projects. Through this financial addition, IREDA will be able to lend an additional INR 12000 crore (approx. 1.6 billon USD) to renewable energy projects.
In relation to the announcement, the Chairman & Managing Director of IREDA, Shri Pardip Kumar Das, said:
“We are immensely thankful to Govt. of India and Ministry of New & Renewable Energy without whose support this wouldn’t have been possible. Despite the pandemic situation, IREDA has reported all-time high annual Profit Before Tax (PBT) of Rs. 570 crore rupees in FY 2020-21 and all-time high half-yearly Profit After Tax (PAT) of Rs. 299.90 crores in FY 2021-22.”
IREDA is a government entity under Ministry of New and Renewable Energy (MNRE) founded in 1987 as a non-banking financial institution and is set up to finance projects in the renewables sector including but not limited to wind energy.