IREDA Celebrates 38th Foundation Day, Highlights Achievements and Future Roadmap

New Delhi: The Indian Renewable Energy Development Agency Ltd. (IREDA) marked its 38th Foundation Day on March 11, 2024, celebrating its remarkable journey in advancing renewable energy development in India. The event provided an opportunity to reflect on the achievements of the past 37 years and express gratitude to employees, stakeholders, and partners who contributed to IREDA’s position as the largest Pure Play Green Finance NBFC in the country.

IREDA’s Chairman & Managing Director, Pradip Kumar Das, along with Director (Finance) Dr. Bijay Kumar Mohanty and Chief Vigilance Officer Ajay Kumar Sahani, addressed employees during the Foundation Day celebration. Das expressed his satisfaction with IREDA’s significant role in financing India’s energy transition, contributing to national goals of energy security, climate action, and sustainable development.

One of the notable achievements highlighted by Das was IREDA’s ‘Excellent’ rating under the MoU 2022-23 with the Ministry of New & Renewable Energy. This recognition for the third consecutive financial year, with a score of 93.50 and a final rating of ‘Excellent,’ reflects the company’s dedication and commitment to excellence.

Das emphasized innovation as a core strategy, announcing the launch of IREDA’s retail division targeting diverse borrowers, particularly in Rooftop Solar and the PM-KUSUM scheme. He highlighted the company’s commitment to introducing new financial products, expanding presence in consortium financing, and exploring emerging green technologies.

Reflecting on IREDA’s achievements over the past three and a half years, Das expressed satisfaction with the exponential growth in the loan portfolio, elevated credit ratings, historic listing on stock exchanges, and the ongoing elevation from ‘Mini-Ratna’ to ‘Navratna’ status. He outlined the vision for future growth, citing the immense opportunities in the renewable energy sector.

Das also emphasized efforts to optimize the cost of borrowing, enhance operational efficiency through digitization and process automation, and maintain high standards of performance and customer satisfaction. The cultural transition towards increased efficiency, higher employee responsiveness, and women’s empowerment was highlighted, with one out of every four employees being female.