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<p>Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) recorded its highest-ever loan approvals of ₹239.21 billion (~$3.16 billion) and loan disbursements of ₹160.71 billion (~$2.12 billion) in the financial year (FY) 2021-2022. IREDA ended the year with its best performance to date.</p>
<p>There was a year-over-year (YoY) growth of 117% in loan approvals from ₹110.01 billion (~$1.46 billion) in FY 2021 to 239.21 billion (~$3.16 billion) in FY 2022. Loan disbursements increased 82% YoY from ₹88.27 billion (~$1.16 billion) in FY 2021 to ₹160.71 billion (~$2.12 billion) in FY 2022.</p>
<p>The non-performing assets (NPA) reduced to 3.29% in FY 2022 from 5.61% in the previous year, a decline of 41%. The loan book increased to ₹340 billion (~$4.50 billion) in FY 2022 from ₹278.54 billion (~$3.69 billion) in FY 2021, representing a growth of 22%.</p>
<p>IREDA&#8217;s net worth increased by 67% to ₹49.89 billion (~$661.10 million) from ₹29.95 billion (~$396.87 million) in the previous year.</p>
<p>The Cabinet Committee on Economic Affairs had recently <a href="https://mercomindia.com/center-%e2%82%b915-billion-ireda-boost-lending-renewable-sector/" target="_blank" rel="noopener">approved</a> the equity infusion of ₹15 billion (~$201.27 million) in IREDA. The equity injection is expected to help generate approximately 10,200 jobs per year and reduce about 7.49 million tons of CO2 equivalent emissions per year.</p>
<p>The additional equity infusion was aimed to help IREDA lend ₹120 billion (~$1.61 billion) to the renewable energy sector, thus facilitating the debt requirement for an additional capacity of approximately 3,500-4,000 MW.</p>
<p>&#8220;IREDA has achieved major milestones in 2021-22 even though the year saw second and third waves of the COVID-19 Pandemic along with the ongoing globally tense situations. IREDA stands fully committed to achieving the  Prime Minister&#8217;s &#8216;Panchamrita&#8217; COP26 targets, which include the targeted utilization of 50% of the country&#8217;s energy requirements through RE sources by 2030 and raising the non-fossil fuel-based energy capacity of India to 500 GW by the same time. IREDA is fully equipped as an implementing agency for the additional allocation of ₹195 billion (~$2.58 billion) for the PLI program to the manufacturers of high-efficiency solar modules announced in Budget Speech 2022 by the Hon&#8217;ble Finance Minister,&#8221; said Pradip Kumar Das, Chairman and Managing Director, IREDA.</p>
<p>The Parliamentary Standing Committee on Energy had recently <a href="https://mercomindia.com/renewables-sector-needs-an-annual-investment-2/" target="_blank" rel="noopener">outlined</a> the overall efforts and the role played by the IREDA in the growth of the renewable energy sector in the country. It recommended that IREDA should be given a special window for borrowing from the Reserve Bank of India (RBI) at a repo (repurchasing option) rate in line with other specialized financial institutions like the National Housing Bank, Small Industries Development Bank of India (SIDBI), National Bank for Agriculture and Rural Development (NABARD), etc., to ensure the availability of low-cost financial resources for the renewable energy sector.</p>
<p>IREDA has previously announced its <a href="https://mercomindia.com/ireda-ipo-green-bonds-bids-asset-valuation/" target="_blank" rel="noopener">plans</a> to float an initial public offering (IPO) and issue green bonds in domestic and international markets to mobilize capital for lending. It also plans to set up an alternate investment fund (AIF) to tap large institutional investors like debt funds, pension funds, insurance funds, and environmental, social, and governance (ESG) funds.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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IREDA Reports Highest-Ever Loan Disbursement to Renewable Energy Sector in FY 2022

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