IREDA Celebrates 38th Foundation Day

On March 11, 2024, the Indian Renewable Energy Development Agency Ltd. (IREDA) celebrated its 38th Foundation Day, marking a significant achievement in its journey towards promoting renewable energy development in India. This special occasion provided an opportunity to reflect on IREDA’s remarkable 37-year journey and its accomplishments in the field of green finance.

A Day of Celebration and Reflection

The 38th Foundation Day celebration was graced by the presence of esteemed dignitaries, including Chairman & Managing Director Shri Pradip Kumar Das, Director (Finance) Dr. Bijay Kumar Mohanty, and Chief Vigilance Officer Shri Ajay Kumar Sahani. They addressed the employees, highlighting the company’s achievements, challenges, and future endeavors.

Recognizing Achievements and Setting Future Goals

During the celebration, CMD Shri Pradip Kumar Das expressed his happiness and emphasized the importance of celebrating achievements, reflecting on challenges, and charting the future course of action. He commended IREDA’s pivotal role in financing India’s energy transition, contributing significantly to national goals of energy security, climate action, and sustainable development.

One of the major accomplishments highlighted was IREDA achieving an ‘Excellent’ rating under the MoU 2022-23, signed with the Ministry of New & Renewable Energy, for the third consecutive financial year. This recognition, with a score of 93.50 and a final rating of ‘Excellent’, reflects the company’s dedication, hard work, and commitment to excellence.

Innovative Strategies and Expansion

The CMD highlighted the launch of IREDA’s retail division, catering to diverse borrowers, particularly in sectors like Rooftop Solar and the PM-KUSUM scheme, underscoring a significant market segment for the company’s growth. He emphasized innovation as a core strategy, with a focus on introducing new financial products and expanding presence in consortium financing and emerging green technologies.

Reflecting on IREDA’s achievements over the past three and a half years, the CMD expressed satisfaction with the exponential growth in loan portfolio, elevation of credit ratings, the historic listing on stock exchanges, upgradation from Schedule ‘B’ to Schedule ‘A’, attainment of ‘Infrastructure Finance Company (IFC)’ status from RBI, and the ongoing process of elevation from ‘Mini-Ratna’ to ‘Navratna’ status. He also emphasized the expansion into diverse sectors and exploration of new business opportunities, such as establishing a wholly owned subsidiary in the International Financial Services Centre (IFSC) in GIFT City, Gujarat.

Commitment to Excellence and Customer Satisfaction

While celebrating these achievements, Shri Das emphasized the need to maintain high standards of performance and customer satisfaction, affirming IREDA’s commitment to maintaining its leadership position as the lender of choice in energy transition. He outlined a vision for future growth, citing the immense opportunities in the renewable energy sector.

Shri Das outlined efforts to optimize cost of borrowing and enhance operational efficiency through digitization and process automation, demonstrating IREDA’s commitment to leveraging technology for greater effectiveness and customer-centricity.

Fostering an Inclusive and Collaborative Culture

The CMD also highlighted the cultural transition towards increased efficiency, higher employee responsiveness, and women’s empowerment, observing that one out of every four employees is female, many of whom are leading the departments. He emphasized IREDA’s significant role in changing the perception of Renewable Energy in the country. He said that the management actively engages in two-way communication, addressing concerns of employees as well as borrowers and frequently seeking inputs and ideas, leading to the company’s exceptional performance in recent years.

Director (Finance) Dr. Bijay Kumar Mohanty and Chief Vigilance Officer Shri Ajay Kumar Sahani also addressed the employees, reiterating the company’s commitment to excellence, innovation, and ethical business practices.