The Reserve Bank of India (RBI) granted Indian Renewable Energy Development Agency (IREDA) the status of ‘Infrastructure Finance Company (IFC)’
IREDA was previously classified as a ‘Investment and Credit Company (ICC).
With IFC status, IREDA will be able to increase its involvement in renewable energy financing.
The IFC status will also allow the company to reach a larger investor base for fund mobilisation, resulting in competitive fund raising rates.
Additionally, IREDA’s designation as an IFC will boost the brand’s value, inspire trust in investors, and create a favourable outlook for the market.
The grant of IFC status, according to a statement from the Ministry of New and Renewable Energy, recognises IREDA’s 36 years of infrastructure finance and development with a concentration on renewable energy.
With IFC status, IREDA will continue to support the Center’s goal of installing 500 GW of non-fossil fuel capacity by 2030, the ministry stated.
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.”
Since its founding in 1987, IREDA has worked to advance, create, and finance novel and renewable energy sources.
It provides funding for all value chains and RE technologies, including those in e-mobility, battery storage, biofuel, solar, wind, hydro, bioenergy, waste to energy, and bioenergy.
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