Public sector non-banking financial company, Indian Renewable Energy Development Agency (IREDA), has announced impressive growth in its sanctioned loans and disbursements during the first quarter of FY25.
Increase in Sanctioned Loans: IREDA reported that its sanctioned loans saw a substantial rise, reaching Rs 91.36 billion during April-June FY25. This signifies a significant increase compared to the same period in the previous year and showcases IREDA’s commitment to supporting renewable energy projects.
Notable Rise in Loan Disbursements: Furthermore, IREDA’s loan disbursements also experienced remarkable growth. The company disbursed loans amounting to Rs 53.20 billion during April-June FY25, marking a considerable increase of 67.61 percent compared to the disbursements of Rs 31.74 billion in the corresponding period of the previous year.
Growing Total Outstanding Loan Book: With its steady loan advancements, IREDA’s outstanding loan book reached an impressive total of Rs 631.50 billion as of June 30, 2024. This reflects a notable rise of 33.77 percent compared to April-June FY24 when the outstanding loan book was at Rs 472.07 billion. IREDA Chairman and Managing Director, Pradip Kumar Das, expressed his satisfaction with the performance in the first quarter of the fiscal year. Das emphasized that the substantial increase in loan sanctions and disbursements demonstrates IREDA’s proactive approach in supporting projects that contribute to the country’s renewable energy goals. IREDA’s Commitment to Renewable Energy Solutions The growth in sanctioned loans and disbursed amounts not only displays IREDA’s financial strength but also highlights its crucial role in accelerating the deployment of renewable energy solutions in India. The company aims to push forward projects that align with the country’s clean energy agenda and reduce carbon emissions. IREDA’s Impact on India’s Renewable Energy Goals The loans extended by IREDA contribute significantly to achieving India’s renewable energy targets. These loans aid the development of important projects such as solar power plants, wind farms, hydropower projects, and other clean energy initiatives. By providing much-needed financial support, industry stakeholders can drive the adoption of sustainable energy solutions across the country. The anticipated upward trajectory of the renewable energy sector combined with IREDA’s consistent growth in loans and disbursements bodes well for India’s transition to a greener and more sustainable energy landscape. As the country encourages the expansion of clean energy initiatives and seeks collaborations in this space, IREDA’s pivotal role as a financial catalyst becomes increasingly important.
