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Home Environment

India Renewable Energy Development Agency

September 28, 2020
in Environment
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India Renewable Energy Development Agency
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Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). 

Features of IREDA

  • It is a Public Limited Government Company established as a Non-banking financial institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/ conservation with the motto: “Energy for ever”.
  • IREDA has been notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956 and registered as a Non-Banking Financial Company (NFBC) with the Reserve Bank of India (RBI).

Objectives of IREDA

  • To give financial support to specific projects and schemes for generating electricity and energy through new and renewable sources and conserving energy through energy efficiency.
  • To increase IREDA`s share in the renewable energy sector by way of innovative financing.
  • Improvement in the efficiency of services provided to customers through continual improvement of systems, processes and resources.
  • To strive to be a competitive institution through customer satisfaction.

Schemes of IREDA

  • Loan against securitization of future cash flow of renewable energy projects

. The company should have successfully commissioned existing projects and running successfully for at least the last three years. 

. The net present value of the future cash flows will be calculated for a maximum period of 10 years, discounted at the maximum lending rate of the sector.

  • Direct discounting of MNRE capital subsidy payable to accredited channel partners (ACP) and state nodal agencies (SNA) for installation of solar water heating systems

. Extent of assistance is up to 80% of the existing pending eligible capital subsidy claim, as verified by the IREDA.

. Minimum loan assistance is 20 lakhs.

  • Credit enhancement guarantee scheme for raising bonds towards renewable energy projects

. It aims to enhance the credit rating of the bonds, thereby improving the marketability and liquidity. 

. The minimum stand-alone credit rating (external) of the RE project/ proposed bond structure to be credit enhanced should be at least BBB.

Source: ireda website
Tags: Prelims

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