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IREDA expects five times growth in loan book by 2026: CMD PK Das

IREDA CMD PK Das has said that the PSU expects five times growth in its loan book from Rs 28,000 crores (approx.) to Rs 1,35,000 crores (approx.) by FY 2026
IREDA expects five times growth in loan book by 2026: CMD PK Das
IREDA expects five times growth in loan book by 2026: CMD PK Das

Hyderabad: "IREDA expects five times growth in its loan book from Rs 28,000 crores (approx.) to Rs 1,35,000 crores (approx.) by FY 2026, with financing to the entire value chain in the renewable energy sector," IREDA CMD PK Das said on Thursday. He was speaking at the inauguration ceremony of a 1.5-GW solar cell and module manufacturing unit set up by Premier Energies at E-City in Hyderabad. "It is in line with the government’s target of achieving 450 GW of renewable energy by 2030", the CMD added.

Das highlighted that as the mother organisation of the renewable energy sector, IREDA is playing a crucial role in the development of the renewable energy sector through various innovative financing products, developments of policies, and implementation of the various government of India’s schemes. IREDA, as a nodal agency of the Ministry of New & Renewable Energy (MNRE), is successfully implementing various ambitious schemes launched by the government like 12,000 MW CPSU phase-II Solar project scheme and Rs 4,500 crores Production Linked Incentive (PLI) scheme for Solar manufacturing sector.

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The CMD also underlined that Telangana has a share of approx. 15 percent in IREDA’s loan book, which shows IREDA’s immense contribution to renewable energy development in Telangana.

IREDA has provided a loan of Rs 888 crores (approx.) to the Premier Energies for renewable energy projects. Premier Energies is the company that has set up the solar cell and module manufacturing unit in the Electronic City, Hyderabad. "It is one of IREDA’s oldest customers, who has an excellent track record of timely payment of loan installments," Das said commending the company's past record.

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