IREDA plans to set up subsidiary to finance rooftop solar units, electric vehicles

  • IANS
  • Stock Market News
IREDA plans to set up subsidiary to finance rooftop solar units, electric vehicles

New Delhi, Feb 20 (IANS) Indian Renewable Energy Development Agency Ltd (NS: INAR ). (IREDA) has drawn up plans for establishing a subsidiary to cater to retail projects encompassing Rooftop Solar, PM-KUSUM, Electric Vehicles, and other Business-to-Consumer (B2C) segments, company chairman Pradip Kumar Das said on Tuesday.

He said that IREDA can set up a wholly owned subsidiary to meet the needs of the retail segments, subject to the approval of Central India.

The CMD said this during a panel discussion on "Green Financing: Architecture for Accessible Finance" held here as part of the "2nd CII India Europe Business & Sustainability Conclave," organised by CII in partnership with the Ministry of External Affairs.

The IREDA CMD articulated the agency's proactive stance in enhancing the bankability of Rooftop Solar projects. during his address on "PM Surya Ghar Muft Bijli Yojanan,” announced by the Prime Minister earlier this month.

The panel discussion focused mainly on supporting investments in India's Renewable Energy sector to expedite growth, with special attention given to ensuring project bankability.

Das stressed IREDA's commitment to making various Renewable Energy technologies bankable, including emerging ones like Electric Vehicles, Green Hydrogen, and Offshore Wind.

He highlighted IREDA's success story over the past three years in reducing Non-Performing Assets (NPAs), through addressing borrower concerns and bringing in improved transparency.

The CMD underscored the significant role of Micro, Small, and Medium Enterprises (MSMEs) in environmental sustainability.

He said that IREDA would continue to support MSMEs and promote their involvement in the Renewable Energy sector.

He emphasised the importance for MSMEs to improve their ratings and governance, in order to facilitate their access to finance for renewable energy projects, at competitive rates of interest.

--IANS

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