IREDA achieves highest ever loan sanctions and disbursements in 2023-24
Apr 02, 2024
New Delhi [India], April 2 : State-owned green financing company Indian Renewable Energy Development Agency Limited (IREDA) has achieved its highest-ever annual loan sanctions and disbursements in the just-concluded financial year 2023-24.
The company has sanctioned loans amounting to Rs 37,354 crores and disbursed loans worth Rs 25,089 crores during the fiscal year. This has led to a significant growth of 26.71 per cent in the loan book, which now stands at Rs 59,650 crores.
The business performance (provisional) for the quarter and year ended March 31, 2024, subject to audit, is as follows:
Commenting on the performance of the company, Chairman and Managing Director of IREDA Pradip Kumar Das said: "IREDA's record loan sanctions and disbursements for the financial year 2023-24 underscore our untiring commitment to driving the renewable energy revolution in the country."
"This achievement wouldn't have been possible without the invaluable support of our stakeholders, business-partners, and investors. We are happy to contribute significantly towards Govt. of India's renewable energy targets and look forward to further amplifying our impact in the coming years," Das added.
Shares of IREDA today settled a whopping 5 per cent higher at Rs 149.75.
In mid-February, Das has said India will need Rs 30 lakh crores in investment during financial year 2024-2030 to meet its COP climate pledges.
India meets a sizable portion of its energy needs through coal-fired electricity, and various renewable energy sources are seen as an avenue to reduce the dependence of conventional sources of power.
At COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030.
India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
About 44 per cent of India's energy requirements at present come from non-fossil sources and are likely to touch as high as 65 per cent by 2030, much higher than what the country pledged at the COP summit in 2021, Union Minister RK Singh, who handles power and renewable portfolio, said recently.
