UPSC Articles
Indian Renewable Energy Development Agency (IREDA)
Part of: Prelims and GS-III -Environment
Context: The Cabinet Committee on Economic Affairs has approved the equity infusion of Rs.1500 crore in Indian Renewable Energy Development Agency Limited (IREDA) recently.
Key takeaways
- This equity infusion will help in employment generation of approximately 10200 jobs-year and CO2 equivalent emission reduction of approximately 7.49 Million Tonnes CO2/year.
- It will also enhance the specialized non-banking finance agency’s net worth, which will help it in additional financing.
About IREDA
- IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987
- It is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
- IREDA has been awarded “Mini Ratna” (Category -I) status in 2015 by the Ministry of New and Renewable Energy (MNRE).
- IREDA’s Motto is “Energy for Ever”.
- It offers a credit enhancement guarantee scheme to support the issuance of bonds by wind and solar energy project developers.
Do you know?
- At COP26 in Glasgow last November, Indian Prime Minister announced India’s aim to achieve net-zero emissions by 2070 and also committed to achieving 500 GW of installed electricity capacity from non-fossil fuel sources by 2030.
- The country has installed electricity generation capacity of 392 GW, constituting 209 GW of coal and 104 GW of renewables.
News Source: ET
