IREDA Global Green Energy Finance IFSC (IGGEFIL), a wholly owned subsidiary of the government-owned lender, Indian Renewable Energy Development Agency (IREDA), has approved its first international green energy loan, marking the formal start of its overseas financing operations.

IGGEFIL approved a loan of $22.5 million to Swarna Solar for the development of a 100 MW solar project in the Serenje District of Zambia’s Central Province.

The project represents IGGEFIL’s first deployment of capital from Gujarat International Finance Tec-City (GIFT City) into an international renewable energy asset and signals IREDA’s expansion beyond domestic markets to support clean energy development globally.

IREDA recorded its highest-ever annual loan approvals and disbursements in the financial year (FY) 2024-25, largely driven by renewable energy projects. Total loan approvals of ₹474.53 billion (~$7.27 billion), reflecting a year-on-year growth of 27.04%, while loan disbursements reached ₹301.6 billion (~$4.62 billion), up 20.24% year on year.

As of December 2025, IREDA’s outstanding loan book stood at ₹879.75 billion (~$10.6 billion), marking a 28% year-over-year increase from ₹689.6 billion (~$8.3 billion), driven by strong demand for renewable energy financing. Solar energy accounted for the largest share of the portfolio at 25.5%. Loans to state utilities account for 24.5%, while wind energy accounts for 15.4%.

IREDA continued to play a central role in financing solar energy during the year, supporting utility-scale, distributed, and rooftop solar projects. Under the PM-KUSUM scheme alone, the company sanctioned ₹30.32 billion (~$464 million) and disbursed ₹7.61 billion (~$117 million) in FY25 across Components A, B, and C.

In addition to financing, IREDA owns and operates a 50 MW solar photovoltaic power project.

Recently, IREDA reported revenue from operations of ₹21.3 billion (~$236.2 million) in the third quarter of the financial year 2026, a 25% year-over-year rise from ₹16.98 billion (~$188.3 million).

In September 2025, IREDA approved a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of INA Solar, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh.