This marks the fifth consecutive year that the state-owned NBFC has earned an ‘Excellent’ rating, reflecting its sustained focus on efficiency, discipline, and governance.
Union Minister for New and Renewable Energy Pralhad Venkatesh Joshi has commended the Indian Renewable Energy Development Agency (IREDA) for securing an ‘Excellent’ rating for the fifth consecutive year in its memorandum of understanding (MoU) performance. The state-owned non-banking financial company (NBFC), dedicated to renewable energy and energy efficiency projects, achieved a score of 96.42 out of 100 in the MoU signed with the Ministry of New & Renewable Energy for FY2024-25.
In a post on X, Joshi noted, “That sustained excellence reflects the dedication of the IREDA team and the strength of its institutional reforms.” He expressed confidence that the agency will continue this momentum, strengthening India’s clean energy financing ecosystem and accelerating the nation’s transition towards a greener, more self-reliant future.
This marks the fifth consecutive year that IREDA has received the prestigious ‘Excellent’ rating, underlining its sustained focus on operational efficiency, financial discipline, and robust corporate governance. The continued high performance reflects the organisation’s ability to maintain momentum amid an expanding mandate and evolving renewable energy landscape.
Commenting on the achievement, Pradip Kumar Das, Chairman & Managing Director of IREDA, said, “This recognition is a testament to the dedication of our employees, confidence of our stakeholders, and the consistent guidance and support of the Government of India. We remain committed to strengthening India’s clean energy ecosystem and accelerating the nation’s green energy transition.”
The agency’s success is particularly notable given its trajectory. After receiving only a ‘Fair’ rating with a score of 45.83 in FY2019-20, IREDA undertook comprehensive institutional reforms to strengthen its systems, processes, and culture. This transformative journey enabled the organisation to elevate its standards, achieve consecutive ‘Excellent’ ratings thereafter, and firmly establish itself as the country’s largest pure-play green NBFC.