Bhagwanth Khuba Assures Constant Support to IREDA in Funding Renewable Energy Projects

On Monday, Bhagwanth Khuba, Union minister of State for Renewable Energy, stated that his ministry would continue to support Indian Renewable Energy Development Agency (IREDA), government-owned nonbank finance company in financing clean energy projects throughout the country.

According to a statement, Khuba reviewed performance and future plans of the IREDA, which is involved in promoting, developing, and extending financial aid for the establishment of projects related to renewable energy sources.

Khuba met with senior officials at IREDA’s New Delhi office, India Habitat Centre.

It stated that the Hon’ble Prime Minister set a target of 50% energy from non-fossilfuels, and 500 GW of Renewable Energy (RE), by 2030. The minister assured IREDA of the ministry’s support in meeting the RE sector’s financing needs. Also, the challenges faced by the company in meeting the large demand for funding for RE were discussed. CMD, IREDA also presented a detailed presentation, according to the statement.

IREDA initiated the process for its upgrade from a ‘Mini-Ratna’ to a ‘Navratna’ public sector unit.

IREDA was assured by the minister that the ministry would speed up the process due to the company’s plans for an Initial Public Offering (IPO).