Government-owned lender, Indian Renewable Energy Development Agency’s (IREDA) loan approvals for the nine months (9M) ended December 31, 2025, stood at ₹401 billion (~$4.44 billion), a 29% year-over-year (YoY) increase from ₹310.87 billion (~$3.44 billion).

The company’s loan disbursements grew by 44% from ₹172.36 billion (~$1.91 million) as of December 31, 2024, to ₹249.03 billion (~$2.76 billion) as of December 31, 2025.

Its outstanding 9M loan book stood at ₹879.75 billion (~$9.75 billion), rising 28% from ₹689.6 billion (~$7.64 billion) in the same period of 2024.

IREDA reported revenue from operations of ₹20.57 billion (~$239.2 million) in the second quarter (Q2) of the financial year (FY) 2026, a 28% YoY increase from ₹16.30 billion (~$189.5 million).

Its approved loans stood at ₹331.48 billion (~$3.73 billion) at the end of Q2 FY 2026, compared to ₹178.6 billion (~$2.01 billion) by the end of Q2 FY 2025.

In September this year, 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. The estimated cost of setting up the solar cell plant is ₹15.12 billion (~$172 million).

In August, independent renewable energy producer Juniper Green Energy secured ₹17.39 billion (~$198.4 million) in debt financing from IREDA. The funds would be utilized to execute the company’s large-scale renewable energy projects and strengthen its operational capacity.

If India must install 500 GW of non-fossil fuel-based energy capacity by 2030, the states would require a cumulative grant of ₹140.64 billion (~$1.6 billion) every year over the next five years, according to the National Council of Applied Economic Research. These funds must be devolved to the states by the Finance Commission in the form of green energy grants, considering the potential, installed capacity, and current trend in spending on renewables, it said in a report.