New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) organised a Cyclothon event on Sunday. The event was organised to cover a distance of 36 kms with a minimum coverage of 3.6 kms to commemorate 36 glorious years of IREDA’s existence as a mother organisation through financing Renewable Energy (RE) Sector in India.
The Cyclothon was flagged off by Ministry of New and Renewable Energy's (MNRE) Secretary Bhupinder Singh Bhalla from India Habitat Centre, Lodhi Road, New Delhi. Speaking on the occasion, Bhalla complemented IREDA for spearheading the development of clean and renewable energy (RE) in India since last 36 years. He further mentioned that IREDA is the largest RE financing agency amongst all the domestic funding arms. Bhalla congratulated IREDA for organising the cyclothon event, not only from the health perspective, but also promoting the significance of a green energy for a clean environment.
Gracing the occasion, MNRE's Joint Secretary Dinesh Dayanand Jagdale applauded IREDA over conducting such events from time to time and praised IREDA’s major contribution towards advancing RE development in India.
IREDA CMD Pradip Kumar Das stressed upon the fact that IREDA being the largest RE funding agency in the country, stands fully committed towards 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.
IREDA has cumulatively sanctioned RE loans amounting to more than Rs 1.45 Lakh crores and financed RE loans exceeding Rs 92,000 crores as on date with a loan book size exceeding Rs 40,000 crores, ensuring best corporate governance practices, which have become benchmark to others.
This has led to IREDA being upgraded to AAA (Outlook: Stable) Rating from the earlier AA (Outlook: Positive) Rating by ICRA due to the complete turnaround in IREDA’s performance in the last three years through best quality governance.
Das added that while this event is an effort towards propagating the importance of clean energy in the society at large, it also shows IREDA’s commitment towards health and fitness of human assets.
The Cyclothon event was attended by HUDCO Director (Corporate Planning) M Nagaraj and ITDC's Director Finance & CFO Lokesh Kumar Aggarwal along with officials from the MNRE, DPE, C&AG, PFC, REC, BHEL, MMTC, AIIMS, and also private firms like HCL, AMAZON etc. The event was also graced by participants from Germany who shared their experiences of cycling in India and expressed their delight to be participating in this event.
Vijay Sharma, International Badminton player, also joined and graced the occasion.
REC Limited's General Manager Awanish Kumar Bharati anchored the event and performances.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)