IREDA sanctions loans worth Rs 12,696 crore in 2019-20

The Indian Renewable Energy Development Agency Ltd (IREDA) has sanctioned loans worth Rs 12,696 crore and has disbursed Rs 8,785 crore, supporting capacity addition of 5,673 MW during 2019-20, a Ministry of New & Renewable energy statement said.

At the 33rd Annual General Meeting (AGM) of IREDA, the PSU under the Ministry of New & Renewable Energy held on November 11, the annual accounts for the financial year 2019-20 were adopted.

Addressing the directors and shareholders, Pradip Kumar Das, CMD, IREDA, highlighted the performance of FY 2019-20 and informed that gross income of the company increased to Rs 2,372.38 crore, registering a growth of 17.32 per cent.

IREDA has sanctioned loans of Rs 12,696 crore and disbursed Rs 8,785 crore. Loan sanctioned during the (financial) year including co-financed projects/takeover loans would support capacity addition of 5,673 MW (in 2019-20) as against 3,266 MW in 2018-19.

The CMD emphasized that green energy portfolio of the country is consistently growing in terms of both quantity and quality; and is expected to get a further boost with various policy initiatives of the government, such as Pradhan Mantri Kisan Urja Suraksha even Utthan Mahabhiyan (PM-KUSUM) scheme, Solar & Wind hybrid technologies, Biofuels such as Ethanol and Compressed Bio Gas (CBG), E-mobility and associated infrastructure, Off-shore Wind energy, Solar Roof-top programme etc.

He further added that IREDA will continue its efforts with various international and multilateral lenders for new lines of credit to meet the resource needs of the Renewable Energy sector.

The IREDA would also continue its efforts in raising funds from other sources and work towards creation of various alternative financial instruments.