IREDA achieves high annual loan disbursement of Rs 21,639 cr & sanction of Rs 32,587 cr in FY 23

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) achieved a historic milestone by disbursing loans of Rs. 21,639 crores (approximately) and sanctioning loans of Rs 32,587 crores (approximately) in the fiscal year 2022-23. This marks the highest annual loan disbursement and sanction in the company's history, showcasing its exemplary growth over the past three years.

With loan disbursements of Rs 8,785 crores in FY 2019–20 to Rs 21,639 crores (approx.) in FY 2022–23 and loan sanctioning of Rs 12,696 crores in FY 2019–20 to Rs 32,587 crores (approx.) in FY 2022–23, IREDA has demonstrated significant growth in last three financial years.

IREDA has made loan disbursement of Rs 8,828 crores in FY 2020-21 and Rs 16,071 crores in FY 2021-22. The company has sanctioned loans of Rs 11,001 crores in FY 2020-21 and Rs 23,921 crores in FY 2021-22, representing a substantial increase in loan disbursement and sanction. These results demonstrate IREDA's untiring commitment to promoting the renewable energy sector, reducing carbon footprints and contributing to sustainable development in the country.

Commenting on the achievement, Pradip Kumar Das, Chairman and Managing Director, IREDA, said, "IREDA is delighted to achieve its highest-ever annual loan disbursement and sanction in the fiscal year 2022-23. Our achievements would not have been possible without the trust and support of our stakeholders, and we are grateful for their continued confidence in IREDA's ability to finance Renewable Energy projects in India. We remain committed to financing sustainable development through Renewable Energy projects."

Das stressed the fact that IREDA being the largest RE-funding agency in the country, stands fully committed to achieving the Prime Minister’s ‘Panchamrita’ targets and to be an integral part in achieving the 500 GW of non-fossil fuel-based capacity by 2030. The company's efforts in financing Renewable Energy projects have not only made a significant contribution to the country's energy transition but have also helped in reducing its dependence on fossil fuels.

CMD, IREDA, expressed his sincere gratitude to R K Singh, Union Minister of Power, New and Renewable Energy, Bhagwanth Khuba, Minister of State, New & Renewable Energy, Chemicals and Fertilisers, Secretary, MNRE, officials from MNRE and other departments of the central government for their continuous guidance and support to achieve the company’s goals and drive innovation in the RE sector.

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