Ireda

IREDA makes record Rs 16,320 cr loan disbursements in 2022-23 fiscal

State-owned IREDA on Monday said it has made a record Rs 16,320 loan disbursement and sanctioned loans worth Rs 32,578 crore in the 2022-23 fiscal. The milestone achieved is the highest in the history of the company, Indian Renewable Energy Development Agency Ltd (IREDA) said in a statement. "The company exceeded the historical mark and touched loan disbursement of Rs 16,320 crore and touched loan sanction of Rs 32,578 crore as on March 27, 2023). Last year, IREDA has achieved loan disbursement of Rs 16,071 crore and loan sanction of Rs 23,921 crore," it said. Pradip Kumar Das, Chairman and Managing Director, IREDA, said the record-breaking loan disbursement and sanction reflect the company's commitment towards its mission of promoting and financing renewable energy projects in India. IREDA, under the Ministry of New and Renewable Energy (MNRE), is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects relatin

Union Cabinet approves listing of IREDA on stock exchange through IPO route

The IREDA is a wholly owned mini-Ratna company, engaged in financing of renewable energy and energy efficiency projects in India

State-owned IREDA gets Infrastructure Finance Company status from RBI

State-owned Indian Renewable Energy Development Agency (IREDA) on Monday said it has received Infrastructure Finance Company status from the Reserve Bank of India. The Reserve Bank of India (RBI) granted an 'Infrastructure Finance Company (IFC)' status to Indian Renewable Energy Development Agency (IREDA) on Monday, a company statement said. It was earlier classified as an 'Investment and Credit Company (ICC)'. With the IFC status, IREDA will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising. The recognition of IREDA as an IFC will increase the investors' confidence, enhance the brand value and generate a positive outlook in the market. The grant of IFC status is a recognition of IREDA's 36 years of infrastructure financing and development with focused development of renewable energy. With IFC status, IREDA will keep contributing towards

IREDA profit after tax rises 87% to over Rs 200.75 crore for Dec quarter

State-owned IREDA on Thursday posted a rise of 87 per cent in its profit after tax at Rs 200.75 crore in the December 2022 quarter, mainly on higher income. The company had clocked a PAT (profit after tax) of Rs 107.19 crore during October-December quarter of preceding 2021-22 fiscal, Indian Renewable Energy Development Agency (IREDA) said in a statement. Its total income rose by 17 per cent to Rs 868.98 crore from Rs 743.30 crore in the year ago quarter. IREDA's net Non-Performing Assets (NPAs) reduced to 2.03 per cent in the third quarter of FY23 from 6.26 per cent in the same quarter a year ago. The company disbursed loan worth Rs 6,341.81 crore as against Rs 1,484.84 crore a year ago, up by 327 per cent. Its overall loan book stood at Rs 37,887.69 crore as against Rs 26,937.45 crore a year ago, up by 41 per cent. Pradip Kumar Das, Chairman and Managing Director (CMD), IREDA, said, "We are happy to post historical financial results for the third quarter with more than three-fo

IREDA, WAPCOS to hit capital markets next fiscal: DIPAM Secy Tuhin Pandey

The government is targeting to launch the initial public offering (IPO) of clean energy lender IREDA and state-owned engineering consultancy firm WAPCOS in the next fiscal, DIPAM Secretary Tuhin Kanta Pandey said. The proceeds from the stake sales would form part of the Budgeted disinvestment kitty of Rs 51,000 crore for the next fiscal. "IREDA is lined up for Initial public offering (IPO) next fiscal. DRHP for WAPCOS has already been filed," Pandey told PTI. The Department of Investment and Public Asset Management (DIPAM) manages government equity holding in public sector companies. WAPCOS, an engineering consultancy and construction services firm under the Jal Shakti Ministry, had in September last year filed draft papers with market regulator Sebi for launching an IPO by selling 3.25 crore shares held by the government. The company's revenue from operations stood at Rs 2,798 crore, while net profit was Rs 69.16 crore in 2021-22. The IPO of the Indian Renewable Energy Developme

IREDA Q2 net profit surges 67% to Rs 184 crore on higher revenues

The Indian Renewable Energy Development Agency (IREDA) on Saturday posted 67 per cent jump in net profit at Rs 184.30 crore for September quarter 2022-23, mainly due to higher revenues. In the year-ago period, the profit after tax was Rs 110.27 crore, according to a statement from Ministry of New & Renewable Energy. Gross income rose to Rs 791.56 crore from Rs 682.94 crore. IREDA's Net Non-Performing Assets (bad loans) were reduced to 2.72 per cent in the quarter under review from 4.87 per cent in the same period a year ago. Its loan book stood at Rs 33,783.36 crore in the quarter as against Rs 28,856.48 crore earlier. The agency sanctioned loans of Rs 11,226.49 crore in the quarter as compared with Rs 5,925.12 crore in the same period a year ago.

Cabinet approves second tranche of solar PLI worth Rs 19,500 crore

The corpus was increased to Rs 19,500 crore under the Union Budget 2022-23 to accommodate the large number of bids

Renewable Energy Development Agency to issue tenor bonds to raise Rs 400 cr

The state-run company has invited coupon and commitment bids from bankers and investors on Friday

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

IREDA profit jumps 83% to all-time high of Rs 634 cr in FY22

State-owned Indian Renewable Energy Development Agency (IREDA) has posted a historic all-time high profit of Rs 634 crore for 2021-22. This profit was 82.88 per cent higher as compared to the previous year's. Profit Before Tax (PBT) in 2021-22 was Rs 834 crore, higher by 46.41 per cent from 2020-21, a company statement said. The IREDA board approved the financial results for 2021-22 in a meeting held on Saturday while lauding the company's outstanding performance under challenging conditions. The loan book of IREDA, an NBFC under Ministry of New & Renewable Energy grew from Rs 27,854 crore as on March 31, 2021 to Rs 33,931 crore at March-end this year, registering a growth of 21.82 per cent. The company registered highest-ever loan sanction of Rs 23,921 crore , a growth of 117.44 per cent from the previous year's. The loan disbursement of Rs 16,071 crore is the highest in the company's history and a record increase by 82 per cent from the previous year. The net-worth of the ...

Union Bank of India plans to raise Rs 1,500 crore through AT1 bond

The bank had capital adequacy ratio of 13.92 per cent with tier I of 11.75 per cent at end of December 2021

Union Cabinet approves Rs 1,500 cr infusion in IREDA, says Thakur

The government on Wednesday decided to infuse Rs 1,500 crore in the Indian Renewable Energy Development Agency Limited (IREDA), raising its lending capacity to Rs 12,000 crore

IREDA registers all-time high half-yearly profit after tax for Sept quarter

The Indian Renewable Energy Development Agency, announced audited financial results for half-year-1 and quarter-2 FY 2021-22 ending September 30, 2021

IREDA enters into pact with TANGEDCO for renewable energy projects

IREDA on Monday said it has entered into a pact with TANGEDCO for providing technical expertise in developing of renewable energy projects and raising of funds. The memorandum of understanding (MoU) was signed by IREDA Chairman and Managing Director (CMD) Pradip Kumar Das and TANGEDCO CMD Rajesh Lakhoni in the presence of Tamil Nadu Chief Minister M K Stalin. In a statement, the Indian Renewable Energy Development Agency Ltd (IREDA) said "it has signed a MoU with the Tamil Nadu Generation & Distribution Corporation Limited (TANGEDCO), for providing its technical expertise in developing Renewable Energy projects and fund raising." Under the MoU, IREDA will extend its technical expertise to TANGEDCO for renewable energy project development, bid process management, and implementation support. IREDA will also assist TANGEDCO in debt raising through developing financial models, underwriting services for the proposed debt requirement, and conducting pre-market surveys and roadshows to ..

Fitch upgrades IREDA's long-term IDRs to 'BBB-'; outlook negative

The outlook is negative and the outlook on IREDA's long-term IDRs mirrors that on the 'BBB-' sovereign rating

Renewable, T&D assets dominate PFC & REC loan books as thermal loses steam

Stress in conventional power generation space and no new private investment in the sector see the two lenders gradually shift to newer areas

IREDA, Shyam Steel Industries receive Sebi's approval to launch IPO

As per the draft papers, the IREDA's IPO comprises sale of 13.9 crore shares or about 15 per cent stake of the company

Renewable firms can take discoms to NCLT: Power ministry to Andhra govt

Renewable power project developers are staring at weak cash flows from their projects in Andhra Pradesh

Ireda to sanction Rs 13,000 cr loans for renewables in FY18

The loan sanctions by Ireda have grown from Rs 826 crore in 2007-08 to Rs 7,806 crore in 2015-16

IREDA to consider raising funds via non-convertible bonds

IREDA had earlier this month said that it may raise Rs 1,500-2,000 crore through taxable bonds in the ongoing fiscal