About the Indian Renewable Energy Development Agency (IREDA):
- It is a Mini Ratna (Category–I) non-banking financial institution under the administrative control of the Ministry of New and Renewable Energy (MNRE).
- It is a Public Limited Government Company established as a Non-Banking Financial Institution (NBFC) in 1987.
- IREDA has been notified as a “Public Financial Institution” under Section 4 ‘A’ of the Companies Act, 1956, and registered as NBFC with the Reserve Bank of India (RBI).
- IREDA is primarily engaged in promoting, developing, and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
- Motto: ENERGY FOR EVER
- Objectives:
- To give financial support to specific projects and schemes for generating electricity and/ or energy through new and renewable sources and conserving energy through energy efficiency.
- To maintain its position as a leading organisation by providing efficient and effective financing for renewable energy and energy efficiency/ conservation projects.
- Funding: IREDA generates its revenue through the interest and principal repayments from the projects it finances, as well as by raising funds from the market and through borrowings.
