IREDA sanctions loans of Rs. 12,696 crore and disburses Rs. 8,785crore supporting capacity addition of 5673 MWduring 2019-20

The 33^rd Annual General Meeting (AGM) of Indian Renewable Energy Development Agency Ltd. (IREDA) , the PSU under Ministry of New & Renewable Energy, held yesterday at India International Centre, New Delhi. Annual accounts for financial year 2019-20 were adopted at the AGM.

Addressing the Directors and Shareholders, Shri Pradip Kumar Das, CMD, IREDA highlighted the performance of FY2019-20 and informed that gross income of the company increased to Rs. 2,372.38 Crore, registering a growth of 17.32%. IREDA has sanctioned the loans of Rs. 12,696 crore and disbursed Rs. 8,785 Crore. Loan sanctioned during the year including co-financed projects/ take over loans ,would support capacity addition of 5673 MW as against 3266 MW in last year.

Speaking about future strategies, CMD emphasized that Green Energy portfolio of the country is consistently growing in terms of both quantity and quality; and is expected to get a further boost with various policy initiatives of the Government, such as PM-KUSUM scheme, Solar & Wind hybrid technologies, Biofuels such as Ethanol and Compressed Bio Gas (CBG), E-mobility and associated infrastructure, Off-shore Wind energy, Solar Roof-top programme etc. He further added that IREDA will continue its efforts with various international and multilateral lenders for new lines of credit to meet the resource needs of the Renewable Energy sector. IREDA would also continue its efforts in raising funds from other sources and work towards creation of various alternative financial instruments.