Indian Renewable Energy Development Agency Limited

In News: Ministry of New and Renewable Energy (MNRE), visited IREDA’s corporate office in and reviewed the performance and the future roadmap of IREDA, followed by an interactive session with all employees of the company.

Indian Renewable Energy Development Agency Limited(IREDA)

Aim

• To give financial support to specific projects and schemes for generating electricity and / or energy through new and renewable sources and conserving energy through energy efficiency.
• To maintain its position as a leading organisation to provide efficient and effective financing in renewable energy and energy efficiency / conservation projects.
• To increase IREDA`s share in the renewable energy sector by way of innovative financing.
• Improvement in the efficiency of services provided to customers through continual improvement of systems, processes and resources.

About:

• It is a Public Limited Government Company established in 1987
• It is a Mini Ratna (Category – I) Government of India Enterprise
• It is under the administrative control of Ministry of New and Renewable Energy (MNRE).
• IREDA has been notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956 and registered as Non-Banking Financial Company (NBFC) with Reserve Bank of India (RBI).
• IREDA’s mission is “Be a pioneering, participant friendly and competitive institution for financing and promoting self-sustaining investment in energy generation from Renewable Sources, Energy Efficiency and Environmental Technologies for sustainable development.”
• Motto: “ENERGY FOR EVER”

Sources: PIB

Previous Year Question

Q1) With reference to the Indian Renewable Energy Development Agency Limited (IREDA), which of the following statements is/are correct? (2015)

1. It is a Public Limited Government Company.
2. It is a Non-Banking Financial Company.

Select the correct answer using the code given below.

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2