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IREDA CMD Outlines Vision 2025: Innovation, Retail Renewable Push, and Global Expansion
Jan 02, 2025
On New Year’s Day 2025, Shri Pradip Kumar Das, Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency Ltd. (IREDA), addressed employees via video conferencing, setting the tone for an ambitious and transformative year ahead. Joining him were Dr. Bijay Kumar Mohanty (Director - Finance), Shri Ajay Kumar Sahani (Chief Vigilance Officer), and other senior officials.
Shri Das emphasized IREDA’s pioneering role in driving renewable energy financing with cutting-edge support for Green Ammonia projects, Pumped Storage Hydropower initiatives & Decentralized solar generation through Solar Rooftop and PM-KUSUM schemes.
IREDA has taken a major step toward global financing with the provisional registration of its wholly-owned subsidiary at GIFT City. This initiative will focus on Promoting Green Hydrogen development & Supporting renewable energy equipment manufacturing through foreign currency financing.
IREDA received in-principle approval to establish a retail subsidiary targeting emerging Business-to-Consumer (B2C) segments, including Rooftop Solar (PM-Suryaghar), PM-KUSUM initiatives, Electric vehicles (EVs), energy storage, and green technologies, Energy efficiency projects etc.
Provisional figures for Q3 FY24 showcase IREDA’s stellar performance:
- Loan approvals surged 129% YoY, reaching Rs 31,087 crore.
- Disbursements increased 41%, totaling Rs 17,236 crore.
- The outstanding loan book grew 36%, standing at Rs 69,000 crore.
Since its inception, IREDA has sanctioned over Rs 2.39 lakh crore and disbursed more than Rs 1.52 lakh crore, underscoring its pivotal role in India’s renewable energy growth story.
2024: A Year of Landmark Achievements
- Navratna Status: IREDA attained Navratna status, solidifying its position as a leading public sector enterprise.
- Sovereign Ratings: Achieved an international BBB- (Stable) rating from S&P Global and maintained domestic AAA ratings.
- Record-breaking Milestones:
- Published FY23-24 financial results in just 19 days.
- Held India’s earliest AGM on June 24, 2024.
- Top Wealth Creator: Recognized among the Top 5 Wealth Creators in India (November 2023–November 2024), securing 2nd position, the only public sector enterprise on the list.
Shri Das extended heartfelt gratitude to Hon’ble Ministers Shri Pralhad Joshi and Shri Shripad Naik, along with MNRE Secretary Shri Prashant Kumar Singh and the Board of Directors, for their unwavering guidance.
He also lauded IREDA employees for their dedication and thanked their families for their invaluable support. Concluding his address, Shri Das wished everyone a Happy New Year and encouraged the workforce to strive for even greater achievements in 2025, building on the agency’s mission to drive India’s green energy transformation.