This comes in the backdrop of India announcing a renewable energy target of 450 gigawatt (GW) by 2030 that will require large financing requirement
State-owned Indian Renewable Energy Development Agency (IREDA) has announced that it preparing for a public listing for which it will soon float an initial public offering (IPO) of fresh equity shares and issue green bonds in domestic and international markets to mobilize capital for lending.
IREDA also plans to set up an alternate investment fund (AIF) to tap large institutional investors like debt funds, pension funds, insurance funds, and environmental, social, and governance (ESG) funds. The AIF will help IREDA finance new projects of borrowers who are close to the exposure limit.
“IREDA shall also come out with the IPO of fresh equity shares and plans to make further issue of green bonds in the international & domestic market to garner capital for onward lending,” the Ministry of New and Renewable Energy said in a statement after the 34th annual general meeting of IREDA.
This comes in the backdrop of India announcing a renewable energy target of 450 gigawatt (GW) by 2030 that will require a large financing requirement.
“IREDA is geared up towards five-fold growth in the loan book from Rs28,000 Crore (approx.) ending March 2021 to Rs1.35 lakh crore ending March 2026. The company plans to increase the revenue per employee from Rs. 17 Crore (approx.) in FY 2020-21 to Rs. 55 Crore ending FY 2025-26 (approx.),” Pradip Kumar Das, chairman and managing director, IREDA said in the statement.
IREDA has also issued tenders to appoint valuers to determine fair market and other values of assets under its loan portfolios in Andhra Pradesh, Telangana, Tamil Nadu and Karnataka.
In May, IREDA invited bids to set up 10 GW of high-efficiency solar module manufacturing capacities. IREDA has also called bids for setting up solar manufacturing units under the government’s production linked incentive (PLI) scheme. The minimum capacity of the manufacturing unit to be installed is 1 GW with the PLI to be disbursed to successful applicants annually over a period of five years.
