IREDA CMD unveils plans for setting up Retail Subsidiary and elevating Rooftop Solar Financing

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Chairman and Managing Director (CMD) of Indian Renewable Energy Development Agency Ltd. (IREDA), Shri Pradip Kumar Das has indicated IREDA’s plans for establishing a subsidiary to cater to retail projects encompassing Rooftop Solar, PM-KUSUM, Electric Vehicles, and other Business-to-Consumer (B2C) segments. He mentioned that IREDA can set up a wholly owned subsidiary to meet the needs of the Retail segments, subject to the approval of the Government of India. The CMD said this during a panel discussion on “Green Financing: Architecture for Accessible Finance”, held in New Delhi today, February 20, 2024, as part of the “2nd CII India Europe Business & Sustainability Conclave,” organized by CII in partnership with the Ministry of External Affairs.

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The IREDA CMD articulated the agency’s proactive stance in enhancing the bankability of Rooftop Solar projects. during his address on “PM Surya Ghar Muft Bijli Yojana”, announced by the Prime Minister on February 13, 2024.

The panel discussion mainly focused on supporting investments in India’s Renewable Energy sector to expedite growth, with special attention given to ensuring project bankability. Shri Das stressed IREDA’s commitment to making various Renewable Energy technologies bankable, including emerging ones like Electric Vehicles, Green Hydrogen, and Offshore Wind. He highlighted IREDA’s success story over the past three years in reducing Non-Performing Assets (NPAs), through addressing borrower concerns and bringing in improved transparency.

The CMD underscored the significant role of Micro, Small, and Medium Enterprises (MSMEs) in environmental sustainability. He reaffirmed IREDA’s dedication to tackling challenges faced by MSMEs and promoting their involvement in the Renewable Energy sector. He emphasized the importance for MSMEs to improve their ratings and governance, in order to facilitate their access to finance for renewable energy projects, at competitive interest rates.

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