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The company was incorporated in Delhi as ‘Indian Renewable Energy Development Agency Limited’, a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated March 11, 1987, issued by the Registrar of Companies, Delhi and Haryana (RoC). The Company received a certificate of commencement of business dated March 21, 1987, by the RoC. The Company was notified as a public financial institution under Section 4A of the Companies Act, 1956 by the Department of Company Affairs, Ministry of Law, Justice and Company Affairs, Government of India on October 17, 1995. Further, the Reserve Bank of India (RBI) granted a certificate of registration to the company on January 23, 2008 permitting it to commence/carry on the business of non-banking financial institution without accepting public deposits, and classified as an investment and credit company, which was further reclassified as an infrastructure finance company on March 13, 2023.
Indian Renewable Energy Development Agency (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). The company was notified as a ‘Public Financial Institution’ (PFI) under Section 4A of the Companies Act, 1956 by the Department of Company Affairs, Ministry of Law, Justice and Company Affairs, Government of India on October 17, 1995 and is registered with the Reserve Bank of India (RBI) as a Systemically Important Non-Deposit-taking Non-Banking Finance Company (a NBFC-ND-SI), with Infrastructure Finance Company (IFC) status. In September 2023, it has been upgraded from Schedule B to Schedule A in the list of CPSEs by the Department of Public Enterprises (DPE). It was also conferred with the Mini Ratna (Category I) status in June 2015 by the DPE. Since Fiscal 2021, it has consistently been rated ‘Excellent’ by the MNRE in course of evaluation of its performance in achieving key targets.
The company is a financial institution with over 36 years of experience in the business of promoting, developing and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects. It provides a comprehensive range of financial products and related services, from project conceptualisation to post-commissioning, for RE projects and other value chain activities, such as equipment manufacturing and transmission. The company has financed projects across multiple RE sectors such as solar power, wind power, hydro power, transmission, biomass including bagasse and industrial co-generation, waste-to-energy, ethanol, compressed biogas, hybrid RE, EEC and green-mobility. It also offer financial products and schemes for new and emerging RE technologies such as, biofuel, green hydrogen and its derivatives, battery energy storage systems, fuel cells, and hybrid RE projects.
It offers a comprehensive suite of financial products and services including various fund-based and non fund-based products. Some of its key fund-based products for RE developers are long-term, medium-term and short-term loans (for projects, manufacturing and equipment financing), top-up loans, bridge loans, takeover financing, and loans against securitization of future cash flows. It also provide line of credit to other NBFCs for on-lending to RE and EEC projects. In addition, it provides loans to government entities and also provides financing schemes for RE suppliers, manufacturers and contractors. Its non fund-based products include letter of comfort, letter of undertaking, payment on order instruments and guarantee assistance schemes. Further, it provide consulting services on techno-commercial issues relating to the RE sector.
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The company is a Mini Ratna (Category - I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘Energy For Ever’.
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