Saturday, May 14, 2022

IREDA CMD meets Karnataka Minister, discusses RE expansion

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New Delhi: Indian Renewable Energy Development Agency Limited’s (IREDA) Chairman & Managing Director (CMD) Pradip Kumar Das had a courtesy meeting with the Large and Medium Scale Industries Minister of Karnataka Dr Murugesh Nirani on Tuesday. They discussed a variety of topics related to boosting the renewable energy (RE) sector in Karnataka.

IREDA CMD briefed him on the company's recent accomplishments, important initiatives, and future plans for the RE sector's expansion in line with the Government's target of 50 percent share of energy from non-fossil fuels by 2030. Das emphasised IREDA's 'ease of doing business' initiatives over the previous two years, through which the organisation has ensured quick processing of loan applications, resulting in a shorter cycle time. Further, Das also highlighted that IREDA is constantly providing the most competitive interest rates for renewable energy projects.

IREDA has a cumulative loan sanctioned of Rs 17,007 crores (14 percent of total loan sanction) and cumulative loan disbursement of Rs 9,001 crores (11 percent of total loan disbursement) in Karnataka. During FY 2021-22, IREDA has sanctioned loan of Rs 3,882 crores and disbursed loan of Rs. 2,507 crores in the state (as on March 31, 2022). More significantly, with a loan portfolio of Rs 5,353 crores, the highest loan portfolio of IREDA is in Karnataka.

Dr Nirani invited IREDA to participate in Global Investors’ Meet (GIM) scheduled to be held in Bengaluru from November 2 to November 4. He said that the purpose of the GIM is to showcase the robust industrial-friendly ecosystem of Karnataka, attract huge investments from global players, and spread industrialisation across the state.

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