Categories: Banking

RBI accords ‘infra finance company’ status to IREDA

The Reserve Bank of India (RBI) granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA) , a company statement said. It was earlier classified as an ‘Investment and Credit Company (ICC)’.

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Significance of the infra finance company status:

With the IFC status, IREDA will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising.
The recognition of IREDA as an IFC will increase the investors’ confidence, enhance the brand value and generate a positive outlook in the market.
The grant of IFC status is a recognition of IREDA’s 36 years of infrastructure financing and development with focused development of renewable energy.
With IFC status, IREDA will keep contributing towards the government target of 500 GW installed capacity of non-fossil fuels by 2030.

Role of the Indian Renewable Energy Development Agency (IREDA):

It has been promoting, developing and financing new and renewable sources of energy with the motto: Energy for Ever since 1987.

It finances all RE technologies and value chains such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies.

Chairman and Managing Director of IREDA: Pradip Kumar Das.

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