Ireda signs pact with renewable energy ministry for setting performance target

The government has set a target of 3,361 crore for revenue from operations, 18% higher from the previous year’s achievement

Saurav Anand
Published20 Jan 2023, 03:35 PM IST
As on date, Ireda has financed more than 3,068 renewable energy projects loan accounts (Getty Images/iStockphoto)
As on date, Ireda has financed more than 3,068 renewable energy projects loan accounts (Getty Images/iStockphoto)

New Delhi: The Indian Renewable Energy Development Agency (IREDA) on Friday signed a memorandum of understanding (MoU) with the ministry of new and renewable energy (MNRE) for setting the performance target for 2022-23.

The government has set a target of 3,361 crore for revenue from operations, 18% higher from the previous year’s achievement.

According to a statement from the ministry of new and renewable energy, the government has also set various performance-related key parameters such as return on net worth, return on capital employed, non-performing asset NPA to total loans, asset turnover ratio and earning per share, etc.

Pradip Kumar Das highlighted that IREDA has been delivering exemplary performances for the previous two financial years and is fully geared to meet these targets, according to the statement.

The company posted 67% jump in Profit After Tax (PAT) in second quarter of FY 2022-23, as compared to corresponding period during FY 2021-22. Net NPAs reduced from 4.87% to 2.72% in second quarter, as compared to corresponding period during FY 2021-22.

According to the statement, IREDA has demonstrated exceptional performance by securing 96.54 marks for the MoU of FY 2021-22.

The company as on date, has financed more than 3,068 renewable energy projects loan accounts with cumulative loan sanction and disbursement to the tune of 1,41,622 crores & 90,037 crores respectively and has supported Renewable Energy capacity addition of 19,502 MW in the country.

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First Published:20 Jan 2023, 03:35 PM IST
Business NewsNewsIndiaIreda signs pact with renewable energy ministry for setting performance target

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