In a significant move to strengthen renewable energy financing, the Indian Renewable Energy Development Agency Ltd. (IREDA) has secured shareholder approval to raise up to ₹5,000 crore through a Qualified Institutions Placement (QIP) of equity shares. The decision was passed via remote e-voting during the 22nd Extra-Ordinary General Meeting (EGM). The meeting was chaired by Shri Pradip Kumar Das, Chairman and Managing Director, IREDA, and attended by the Board of Directors and shareholders.
The fundraising initiative, which includes dilution of the Government of India’s shareholding by up to 7%, was initially approved by IREDA’s Board on January 23, 2025. The funds raised will be deployed to expand green energy financing, accelerate loan book growth, and support India’s clean energy transition.
Highlighting IREDA’s financial performance, Shri Pradip Kumar Das stated that the company has recorded a loan book of ₹68,960 crore, loan sanctions of ₹31,087 crore, and disbursements of ₹17,236 crore in the first nine months of FY 2024-25. He emphasized that the capital infusion will enhance IREDA’s role in driving India’s renewable energy ambitions.
Additionally, IREDA has made a strategic expansion by launching its wholly owned subsidiary, IREDA Global Green Energy Finance IFSC Limited, which recently received registration from the International Financial Services Centre Authority (IFSCA). The subsidiary will operate from GIFT City, Gujarat, allowing IREDA to offer foreign currency lending while mitigating hedging risks, further strengthening India’s position in global green energy finance.
Apart from the fundraising approval, shareholders also consented to amendments in IREDA’s Articles of Association, paving the way for the formation of joint ventures and subsidiaries both in India and abroad. These amendments will also empower the Board with enhanced decision-making powers under ‘Navratna’ status, subject to government guidelines.
The move aligns with India’s renewable energy targets, reinforcing IREDA’s commitment to accelerating clean energy investments and ensuring sustainable growth in the sector.
