Indian Renewable Energy Development Agency Limited (IREDA) Company Profile: Products, Promoters and Clients

Indian Renewable Energy Development Agency Limited (IREDA) Company Description:

The Indian Renewable Energy Development Agency Limited (IREDA) is a well-known 'Navratna' company owned by the Government of India. It operates under the Ministry of New and Renewable Energy (MNRE).

IREDA was founded in 1987 as a Non-Banking Financial Institution (NBFI). Its main goal is to support and finance projects that focus on new and renewable energy sources, as well as energy efficiency and conservation. IREDA's motto is Energy for Ever.

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Q1. What are the Product and service offerings of IREDA Ltd?

IREDA offers a comprehensive suite of financial products and services specifically tailored for the renewable energy sector. These include:

• Project Term Loans: Financing for the development of renewable energy projects.
• Refinancing of Loans: Providing refinancing options for existing loans.
• Guarantee Assistance Scheme: Support for RE suppliers, developers, manufacturers, and EPC contractors.
• Line of Credit to NBFCs: On-lending facilities to Non-Banking Financial Companies.
• Loans against Securitization of Future Cashflows: Financing against future cash flows of RE projects.
• Top-up Loans: Additional financing for ongoing projects.
• Loan Syndication: Coordinating funding from multiple financial institutions.
• Letter of Comfort/Letter of Undertaking: Assurance documents for project financing.
• Payment on Order Instruments: Financial instruments ensuring payment security.

IREDA finances projects in sectors like solar, wind, hydro, biomass, energy efficiency, transmission, ethanol, waste-to-energy, and new technologies like battery storage, electric vehicle infrastructure, and green hydrogen.

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Q2. Who are the Promoters/Management of 
IREDA Ltd?

Shri Pradip Kumar Das has been the Chairman and Managing Director since May 6, 2020. A Fellow of the Institute of Cost Accountants of India and an Associate of the Institute of Company Secretaries of India, he also holds a Post-Graduate Diploma in Management from Xavier Institute of Management, Bhubaneswar. Previously, he was Director (Finance) at India Tourism Development Corporation Ltd. (ITDC) and has held positions at REC Ltd., BHEL, NPCL, BHPV, and Kusum Products Ltd. 

With over 33 years of experience in finance, banking, and related fields, Shri Das is also the Vice Chairman of the Standing Conference of Public Enterprises (SCOPE) and a member of several high-level government and industry committees.

Shri Bijay Kumar Mohanty joined IREDA after serving as HOD and Sr. General Manager (F&A) at REC Limited. With over 25 years in the Indian power sector, he is a distinguished finance professional with expertise in financial management, corporate governance, compliance, risk management, project management, and legal functions. He has held significant roles at GRIDCO and CESCO Distribution Company, gaining comprehensive experience across the power sector value chain. 

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Shri Mohanty holds degrees in M.Com, M.Phil, MA (Public Administration), and LL.B, along with a postgraduate diploma in management. Additionally, he is a Fellow of the Institute of Cost & Management Accountants of India and has a Ph.D. in Commerce from KIIT, Bhubaneswar.

Q3. Who are the Clients of IREDA Ltd?

IREDA’s clients are primarily entities involved in the renewable energy sector, including:

• Public Sector Units (PSUs): Government-owned corporations engaged in renewable energy projects.
• Private Sector Companies: Businesses investing in and developing renewable energy infrastructure.
• Non-Banking Financial Companies (NBFCs): Financial intermediaries requiring credit lines for renewable energy financing.
• Renewable Energy Suppliers and Manufacturers: Companies involved in the production and supply of renewable energy technologies.
• EPC Contractors: Engineering, procurement, and construction firms working on renewable energy projects.
• State Utilities: State-owned utilities focusing on renewable energy generation and distribution.

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Written By: Khush Kothari