IREDA may raise up to Rs 15,000 crore via long-term bonds in FY23

IREDA has a well-diversified borrowing profile, with access to funds through tax-free bonds, taxable bonds, bank/financial institution (FI) loans, masala bonds and foreign currency loans

Indian Renewable Energy Development Agency (IREDA) is looking to raise up to Rs 14,900 crore through long-term bonds in the current financial year for on-lending purposes.

The state-owned lender is also planning to raise Rs 500 crore through tier II bonds in FY23 to enhance its financial profile.

It has been able to raise funds at competitive costs, both in the international and domestic markets.

The average cost of funds stood at 6.1 per cent in FY22 compared to 6.7 per cent in FY21, supported by the softening of the systemic interest rates.

IREDA has a well-diversified borrowing profile, with access to funds through