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Business News/ Industry / Energy/  Ireda planning arm to finance rooftop solar, electric vehicles
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Ireda planning arm to finance rooftop solar, electric vehicles

On Monday, Ireda signed a memorandum of understanding with Punjab National Bank to collaborate on financing renewable energy projects across the country.

Ireda CMD PradipDas said that Ireda is committed to making various renewable energy technologies bankable, including emerging ones like EVs, green hydrogen, and offshore wind. (istockphoto)Premium
Ireda CMD PradipDas said that Ireda is committed to making various renewable energy technologies bankable, including emerging ones like EVs, green hydrogen, and offshore wind. (istockphoto)

New Delhi: State-run Indian Renewable Energy Development Agency Ltd (Ireda) is planning to set up a subsidiary to finance business to consumer or retail segments incl-uding rooftop solar installat-ions and electric vehicles (EV).

Speaking at a panel discussion on green financing, at the second CII India Europe Business & Sustainability Conclave, CMD Ireda Pradip Kumar Das unveiled plans for establishing a subsidiary to cater to retail projects encompassing rooftop solar, PM-KUSUM, electric vehicles, and other business-to-consumer (B2C) segments.

A statement quoting him said Ireda can set up a wholly-owned subsidiary to meet the needs of retail segments, subject to government approval.

Das further said that Ireda is committed to making various renewable energy technologies bankable, including emerging ones like EVs, green hydrogen, and offshore wind.

He also highlighted the role of micro, small, and medium enterprises (MSME) in environmental sustainability and emphasized the importance for MSMEs to improve their ratings and governance, in order to facilitate their access to finance for renewable energy projects, at competitive interest rates.

On Monday, Ireda signed a memorandum of understanding with Punjab National Bank to collaborate on financing renewable energy projects across the country.

This partnership is aimed at streamlining and accelerating access to finance for developers in this critical sector, according to an exchange filing.

Ireda is a Mini Ratna (Category – I) government of India enterprise under the administrative control of ministry of new and renewable energy (MNRE). A non-banking financial institution, IREDA is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency or conservation.

On Tuesday, its shares on the BSE closed at 175.10 per share, lower by 1.79% from its previous close.

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Published: 20 Feb 2024, 11:59 PM IST
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