IREDA’s 16th Stakeholders’ Interaction Meet: Fostering Renewable Energy Development
News Mania desk/Agnibeena Ghosh/5th May 2024
Indian Renewable Energy Development Agency Limited (IREDA) hosted its 16th Stakeholders’ Interaction Meet at the India International Centre in New Delhi on May 4, 2024. The event saw enthusiastic participation from stakeholders across the renewable energy spectrum, including Solar, Wind, Hydro, Bio Energy, and New & Emerging technologies. Notably, this was the second in-person meeting out of 16, with the previous 14 meetings conducted virtually.
During the event, a presentation highlighted IREDA’s recent achievements, focusing on its historic annual performance in FY 2023-24. The discussion encompassed major initiatives undertaken for renewable energy development, implementation of suggestions from previous interaction meets, and future plans aligned with the targets set by the Government of India.
IREDA showcased significant financial achievements, with its Tier-1 Capital reaching Rs. 8,265.20 crores as of March 31, 2024. This substantial capital base enables larger exposure in project financing, with the company capable of financing up to Rs. 2,480 crores to a single borrower and Rs. 4,133 crores to a group of borrowers. The agency’s net worth witnessed remarkable growth from Rs. 2,995 crores in FY 2020-21 to Rs. 8,559 crores in FY 2023-24, highlighting its financial strength and stability.
Stakeholders commended IREDA for its streamlined loan sanction process and faceless transactions, acknowledging the agency’s commitment to facilitating Ease of Doing Business. They also applauded IREDA for achieving “Navratna” status recently and for being the first NBFC to publish audited financial results in just 19 days.
In his address, Shri Pradip Kumar Das, Chairperson & Managing Director of IREDA, emphasized the importance of facilitating Ease of Doing Business and optimizing IT Infrastructure. He reaffirmed IREDA’s commitment to sustainable corporate governance, transparency, and accountability. He highlighted the company’s dedication to tailoring financial products to sector requirements and readiness to introduce new products based on partners’ feedback. Aligning with the vision outlined at COP26 by the Govt. of India, IREDA aims to play a pivotal role in achieving the ambitious target of 500 GW of installed electricity capacity from non-fossil sources by 2030.
The interactive session allowed stakeholders to engage directly with the CMD and team, providing a platform for fruitful discussions. Director (Finance), Dr. Bijay Kumar Mohanty, and other senior officials of IREDA also participated in the interaction.
A memorable highlight of the event was the Hasya Kavi Sammelan, where renowned poets and satirists, including Shri Surender Sharma, Shri Ved Prakash Ved, Smt. Manisha Shukla, and Shri Govind Rathi, entertained the audience, adding moments of joy and laughter to the proceedings.
IREDA’s 16th Stakeholders’ Interaction Meet served as a testament to the agency’s commitment to fostering renewable energy development in India. With robust financial performance, streamlined processes, and a focus on innovation, IREDA aims to continue playing a pivotal role in India’s transition to sustainable energy sources.
