The state-run Indian Renewable Energy Development Agency Ltd (IREDA) is looking at getting Rs 2,749 crore revenue from operations in the ongoing financial year.

A memorandum of Understanding (MoU) with the Ministry of New & Renewable Energy (MNRE), setting an annual revenue performance target for the financial year 2021-22. The MoU was signed on 15th February 2022 between Indu Shekhar Chaturvedi, Secretary, MNRE and Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA.

The target set falls under the ‘excellent’ category rating with various performance-related key parameters such as return on net-worth, NPA to total loans, asset turnover ratio and earning per share.

In FY 2020-21 IREDA was given a score of 96.93 and was rated excellent. Till the date more than 2,900 renewable energy projects loans account have been financed by the company. The finances are projects loan accounts with cumulative loan sanction and disbursement to the tune of Rs 1,08,606 crore and Rs 69,951 crore respectively.

This has supported green power capacity addition of 19,463 MW in the country. With additional equity infusion of Rs 1,500 crore by the government, IREDA is poised for exponential growth in coming years in the renewable energy sector.

IREDA will be able to extend an additional loan facility of Rs 12,000 crores and contribute more to the government targets for renewable energy. Post the equity infusion of Rs1,500 crore, IREDA is planning to come out with an Initial public Offering (IPO) to meet its further requirement of capital.