IREDA will be an integral part in achieving 500 GW from non-fossil fuel by 2030: CMD

Indian Renewable Energy Development Agency Limited (IREDA) Chairman and Managing Director (CMD) Pradip Kumar Das said the Miniratna company stands fully committed towards achieving Prime Minister Narendra Modi's 'Panchamrita' targets and would be an integral part in achieving the 500 GW of non-fossil fuel-based capacity by 2030.

Speaking at a cyclothon event, which was organised by IREDA on Sunday, the CMD stressed the fact that the Miniratna firm, being the largest RE funding agency in the country, stands fully committed towards achieving the 'Panchamrita' targets.

IREDA has cumulatively sanctioned renewable energy (RE) loans amounting to more than Rs 1.45 lakh crore and financed RE loans exceeding Rs 92,000 crore as on date with a loan book size exceeding Rs 40,000 crore, ensuring best corporate governance practices, which have become a benchmark to others, according to a statement from the ministry of new and renewable energy.

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, the firm said.

Ministry of New and Renewable Energy Secretary Bhupinder Singh Bhalla complimented 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.

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.

( With inputs from ANI )