Indian Renewable Energy Development Agency(IREDA)

Subject – Economy

Context – Govt to infuse ₹1,500 cr in IREDA to step up RE funding

Concept –

Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE).
IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
IREDA has been notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956 and registered as Non-Banking Financial Company (NFBC) with Reserve Bank of India (RBI).
IREDA’s mission is “Be a pioneering, participant friendly and competitive institution for financing and promoting self-sustaining investment in energy generation from Renewable Sources, Energy Efficiency and Environmental Technologies for sustainable development.”
IREDA’s Motto is “Energy for Ever.”
In May 2021, IREDA was conferred with the “Green Urja Award” for being the Leading Public Institution in the Financing Institution for Renewable Energy by the Indian Chamber of Commerce (ICC) for its pivotal role in the development of Green Energy Financing.

The main objectives of IREDA are –

To give financial support to specific projects and schemes for generating electricity and / or energy through new and renewable sources and conserving energy through energy efficiency.
To maintain its position as a leading organisation to provide efficient and effective financing in renewable energy and energy efficiency / conservation projects.
To increase IREDA`s share in the renewable energy sector by way of innovative financing.
Improvement in the efficiency of services provided to customers through continual improvement of systems, processes and resources.
To strive to be competitive institution through customer satisfaction.