IREDA CMD Announces Plans for Retail Subsidiary and Bolstering Rooftop Solar Funding
IREDA is planning to set up a subsidiary that will concentrate on Rooftop Solar, PM-KUSUM, Electric Vehicles, and other Business-to-Consumer (B2C) segments.
February 21, 2024. By Abha Rustagi
During a panel discussion on 'Green Financing: Architecture for Accessible Finance,' held as part of the '2nd CII India Europe Business and Sustainability Conclave,' Pradip Kumar Das, the Chairman and Managing Director of IREDA, outlined the agency's proactive approach towards enhancing project bankability, particularly in the Rooftop Solar sector. He highlighted the potential for a wholly owned subsidiary to cater to the retail market, pending approval from the Government of India.
The announcement comes in the wake of the Prime Minister's recent unveiling of the 'PM Surya Ghar Muft Bijli Yojana,' further emphasizing the government's commitment to promoting renewable energy initiatives.
The panel discussion, which focused on supporting investments in India's Renewable Energy sector, emphasised the need for project bankability to expedite growth. Das reiterated IREDA's dedication to making various renewable energy technologies bankable, including emerging sectors like Electric Vehicles, Green Hydrogen, and Offshore Wind.
Highlighting IREDA's success in reducing Non-Performing Assets (NPAs) over the past three years, Das attributed this achievement to addressing borrower concerns and enhancing transparency in operations.
In addition to addressing the needs of large-scale projects, Das emphasised the vital role of Micro, Small, and Medium Enterprises (MSMEs) in environmental sustainability. He reiterated IREDA's commitment to supporting MSMEs in overcoming challenges and accessing finance for renewable energy projects at competitive interest rates. The CMD stressed the importance for MSMEs to improve their ratings and governance to facilitate their involvement in the renewable energy sector.
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