IREDA Keen to Promote RE Projects in Odisha; Sanctioned Rs 670 Cr in a Year

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Statement by the Indian Renewable Energy Development Agency (IREDA) stated that it is eager to promote green energy projects in Odisha. It has already approved loans in excess of Rs 670 crore in one year since opening its branch.

Indian Renewable Energy Development Agency, a non-banking public sector financial institution, has been involved in promoting, developing, and extending financial aid for projects related to renewable energy sources.

Pradip Kumar Das (Chairman and Managing Director) of IREDA met with Suresh Chandra Mahaapatra, the chief secretary of Odisha, according to a company statement.

Das stated that the IREDA was keen to promote more renewable energy projects and realize the enormous green energy potential of Odisha during the meeting.

The IREDA opened a Bhubaneswar branch office in August 2021. Following this, five hydropower projects totaling 80.5 MW were approved. A 1.5-MW energy access project was also approved.

IREDA said that loans worth Rs 670 crore were approved and disbursed Rs 348 million following the opening of its Odisha branch.

The conversation between the state chief secretary and the CMD of IREDA was positive. They discussed the many efforts made by IREDA over the past two years as well as future opportunities in Odisha.

According to the statement, the chief secretary praised IREDA for its efforts in Odisha. He also assured that the state government would continue to support RE development.

Das stated that, in addition to hydro and access to electricity, many projects related to biomass and manufacturing are being considered for Odisha.

The chief secretary was informed by him about the company’s achievements, recent initiatives and future plans for expansion of the RE sector in accordance with the central government’s goal to achieve a 50% share of total energy consumption from non-fossilfuels by 2030.

According to the statement, the chief secretary of IREDA said that the IREDA should encourage solar roof, solar heating, and solar lighting systems for Odisha household use.