IREDA sanctions loan of Rs 8,553 crores in Gujarat for RE projects

IREDA has sanctioned loan of Rs 1,513 crores and disbursed Rs 948 crores in the state of Gujarat for the development of renewable energy (RE) projects

IREDA sanctions loan of Rs 8,553 crores in Gujarat for RE projects

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) in association with the Gujarat Chamber of Commerce and Industry (GCCI), conducted an interactive session on ‘Greening India Through Renewables’ in Ahmedabad on June 10, 2022.

IREDA CMD Pradip Kumar Das in his keynote address highlighted that IREDA is the only dedicated organization in the country that focuses solely on the development of the renewable energy (RE) sector and is one of the largest ‘Green Financier’ in the country. All the projects in renewable energy, energy efficiency and conservation, and other environmentally sustainable technologies, including power generation, transmission, renovation and modernisation having techno-commercially viability, are eligible to obtain finance from IREDA.

Further, IREDA has always been the prime mover and showing the way to its peers for the past 35 years. As part of its business operations to meet growth aspirations, IREDA has been constantly developing new instruments or innovative products for the RE sector. IREDA has been successfully offering the most competitive rate of interest for financing renewable energy projects and acting as a trendsetter for other financial institutions and banks.

While highlighting IREDA’s instrumental role in the growth of the RE sector in Gujarat, CMD underlined that out of a total cumulative sanctioned by the company of Rs 1,21,061 crores, Rs 8,553 crores were sanctioned (cumulative) for 190 RE project accounts in Gujarat. The company has disbursed (cumulative) Rs 3,965 crores in Gujarat, out of a cumulative loan disbursement of Rs 79,994 crores in the country. Last year, IREDA sanctioned Rs 1,513 crores and disbursed Rs 948 crores in the state.

Das also highlighted that the organisation’s stakeholders-centric strategy and ease of doing business have helped to achieve historical growth in the last two years. He expressed his happiness about the efforts made by the company to address the adverse effects of climate change and to reduce pollution levels, by reducing Co2 emissions through financing support to the RE projects. The company has supported a RE capacity of 22.23 GW (approx.) in the country.

IREDA’s (Technical) Chintan Shah while delivering the presentation highlighted the significance of investments for the deployment of RE projects on a large scale considering the government’s ambitious target of 500 GW through non-fossil fuel sources by 2030. He also underlined the importance of new and upcoming clean energy technologies such as e-mobility, green hydrogen and battery energy storage systems etc.

Earlier, GCCI‘s President Hemant Shah in his welcome address appreciated the efforts of IREDA towards the development of the RE sector not only in Gujarat but across the country. Zodiac Energy Ltd’s CMD Kunj Shah and Global Solar Council’s Chairman Pranav Mehta have also addressed the gathering on behalf of the RE industry.

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