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Business News/ Companies / News/  RBI accords ‘infra finance company’ status to IREDA
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RBI accords ‘infra finance company’ status to IREDA

With the IFC status, IREDA will be able to take higher exposure in renewable energy financing

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NEW DELHI : The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA).

IREDA was earlier classified as ‘Investment and Credit Company’ (ICC).

With the IFC status, IREDA will be able to take higher exposure in renewable energy financing, said a statement from the union ministry of new and renewable energy. The IFC status will also help the company to access wider investor base for fund mobilization, resulting in competitive rates for fund raising. 

“The recognition of IREDA as an IFC will increase the investors’ confidence, enhance the brand value, and generate 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," it said, adding that with the IFC status, IREDA will keep contributing towards Centre target of 500 GW installed capacity of non-fossil fuels by 2030.

Commenting on the development Pradip Kumar Das, Chairman and Managing Director of IREDA, said: “The IFC status is a significant milestone for IREDA and will enable us to maintain our leading position as a financier of RE space. IREDA will continue to play a motherly role for development of RE sector."

IREDA has been promoting, developing and financing new and renewable sources of energy with the motto: “Energy for Ever" since 1987. It finances all RE technologies and value chain such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies.

Its cumulative sanctioned renewable energy loan amount stands at over 1.45 trillion. 

On the 36th anniversary of the creation of IREDA, Das had said on Sunday that the financed RE loans of the company exceed 92,000 crore a loan book size exceeding 40,000 crore.

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Published: 13 Mar 2023, 10:38 PM IST
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