Indian Renewable Energy Development Agency Limited (IREDA)

Indian Renewable Energy Development Agency Limited (IREDA)

The Indian Renewable Energy Development Agency Limited (IREDA), established on March 11, 1987, is a Government of India enterprise under the Ministry of New and Renewable Energy (MNRE). As a specialized public financial institution with Navratna status, it drives renewable energy expansion in India through financing projects. 

Key Historical Milestones of IREDA:

• Establishment (1987): Incorporated to promote, develop, and extend financial assistance for renewable energy and energy efficiency/conservation projects, operating with the motto "Energy for Ever".
• Public Financial Institution (1995): Notified as a Public Financial Institution under the Companies Act, 1956.
• International Financing (1997): Signed its first loan agreement with the Asian Development Bank for a US$100 million line of credit.
• NBFC Certification (2008): Registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC).
• Navratna Status (2024): Conferred with "Navratna" status, elevating its functional autonomy.
• Capacity Expansion: In 2022, the Cabinet approved a ₹1,500 crore infusion to boost renewable energy financing, and in 2021, IREDA was awarded the "Green Urja Award". 

IREDA has matured from a specialized non-banking financial institution into a leading entity financing projects in solar, wind, hydro, and green hydrogen, playing a vital role in India's climate goals.