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.
