IREDA Sets New Milestones in Green Financing with Record Loan Sanctions and Disbursements in FY 2023-24

The Indian Renewable Energy Development Agency Limited (IREDA), India’s premier non-banking financial company focusing exclusively on green financing, has announced its highest ever annual performance figures for loan sanctions and disbursements in the financial year ending March 31, 2024. The company reported that it sanctioned loans totaling Rs. 37,354 crores and disbursed Rs. 25,089 crores over the course of the year, marking a substantial growth in its operations and financial outreach in the renewable energy sector.

The financial achievements of IREDA for the fiscal year 2023-24, as provisionally reported and pending audit, reveal a significant upward trend in its business operations. In the fourth quarter alone, the company sanctioned loans worth Rs. 23,796 crores, more than doubling the figure from the same period in the previous year. This impressive growth led to an overall annual increase of 14.63% in loan sanctions compared to the fiscal year 2022-23.

Disbursements for the year also saw a robust rise, with IREDA disbursing loans amounting to Rs. 25,089 crores, representing a 15.94% increase from the previous year. This surge in financing activity has resulted in the company’s loan book expanding by 26.71%, reaching a new high of Rs. 59,650 crores as of March 31, 2024.

Shri Pradip Kumar Das, Chairman and Managing Director of IREDA, expressed pride in the company’s landmark achievement, attributing it to the unwavering dedication towards promoting renewable energy in India. “Our record-breaking performance this fiscal year is a testament to IREDA’s relentless pursuit of supporting India’s renewable energy ambitions,” he stated. “This success is a collective effort, made possible by the trust and partnership of our stakeholders, business partners, and investors. We are eager to continue this momentum and further contribute to achieving the Government of India’s renewable energy goals in the years ahead.”

The financial milestones achieved by IREDA in 2023-24 underscore the growing momentum in India’s renewable energy financing, reflecting the country’s commitment to expanding its green energy capacity and contributing to global sustainability efforts.