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Home » News » IREDA focuses on business ease & digital advancements at the 16th stakeholders’ meeting 

IREDA focuses on business ease & digital advancements at the 16th stakeholders’ meeting 

May 8, 2024 3:05 pm

IREDA focuses on business ease & digital advancements at the 16th stakeholders’ meeting 
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The Chairman & Managing Director stressed the importance of efficiencies and digital integration in the renewable energy sector.

The Indian Renewable Energy Development Agency Limited (IREDA) organised its 16th Stakeholders’ Interaction Meet at the India International Centre in New Delhi.  Pradip Kumar Das, Chairman, and Managing Director of IREDA, underscored the importance of facilitating the ease of doing business and optimising IT infrastructure.

The event started with a presentation highlighting IREDA’s recent achievements, emphasising its historic annual performance in FY 2023–24. The discussion covered major initiatives undertaken for renewable energy development, the execution of suggestions from previous interaction meetings, and future plans aligned with the targets the Government of India set. Following the presentation, an interactive session with the CMD and the team allowed stakeholders to engage directly.

In his opening remarks, CMD Pradip Kumar Das reaffirmed IREDA’s commitment to sustainable corporate governance, transparency, and accountability. He emphasised the company’s dedication to tailoring financial products to sector requirements and its readiness to introduce new products based on partners’ feedback. Aligning with the vision outlined at COP26 by the Government 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. 

Notable financial achievements were also highlighted, with IREDA’s Tier-1 capital reaching ₹8,265.20 crore as of March 31, 2024. This substantial capital base enables larger exposure in project financing, with the company capable of financing up to ₹2,480 crore to a single borrower and ₹4,133 crore to a group of borrowers. IREDA’s net worth has grown significantly from ₹2,995 crore in FY 2020–21 to ₹8,559 crore in FY 2023–24, demonstrating its financial strength and stability.

The borrowers congratulated IREDA on its streamlined loan sanction process and faceless transactions, underscoring the agency’s commitment to facilitating the ease of doing business. Stakeholders also commended IREDA for recently achieving ‘Navratna’ status and for being the first NBFC to publish audited financial results in only 19 days. 

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