The Aryavarth Express
Agency(New Delhi): On March 11, 2024, the Indian Renewable Energy Development Agency Ltd. (IREDA) commemorated its 38th Foundation Day, a landmark occasion celebrating its vital contribution to India’s renewable energy sector. This event served as a reflection on IREDA’s journey of over three decades, during which it has emerged as the leading Pure Play Green Finance Non-Banking Financial Company (NBFC) in the nation. The celebration underscored the collective efforts of IREDA’s employees, stakeholders, and business partners, whose support has been crucial in the agency’s success.
The event was honored by the presence of IREDA’s Chairman & Managing Director, Pradip Kumar Das, along with Director (Finance) Dr. Bijay Kumar Mohanty, and Chief Vigilance Officer Ajay Kumar Sahani. They addressed the gathering, shedding light on IREDA’s achievements, the hurdles it has overcome, and its ambitions for the future.
Pradip Kumar Das articulated his pride in the company’s milestones, emphasizing IREDA’s instrumental role in financing the nation’s shift towards sustainable energy sources. This transition aligns with broader objectives of energy security, climate action, and sustainable development. A significant highlight was IREDA’s ‘Excellent’ rating for the third consecutive year under the MoU 2022-23 with the Ministry of New & Renewable Energy, which stands as a testament to the company’s dedication and performance excellence.
The CMD also unveiled the launch of IREDA’s retail division, focusing on sectors like Rooftop Solar and the PM-KUSUM scheme. This move taps into a vital market segment, propelling the company’s growth trajectory. Innovation remains at the core of IREDA’s strategy, aiming to diversify financial products and engage in consortium financing for green technologies.
Reflecting on the exponential growth of IREDA’s loan portfolio, enhanced credit ratings, and its successful debut on the stock exchanges, Das outlined the achievements that have marked the agency’s journey. These accomplishments include attaining ‘Infrastructure Finance Company (IFC)’ status from the RBI and the initiative to elevate from ‘Mini-Ratna’ to ‘Navratna’ status. The establishment of a subsidiary in the International Financial Services Centre (IFSC) in GIFT City, Gujarat, underscores IREDA’s ambition to explore new business avenues.
Das stressed the importance of maintaining exceptional performance and customer satisfaction, reinforcing IREDA’s leadership in facilitating the energy transition. Future growth prospects in the renewable energy sector remain bright, with plans to optimize borrowing costs and improve operational efficiency through digitization and automation.
The cultural shift towards higher efficiency, responsiveness, and women’s empowerment within the organization was also highlighted. With women leading various departments and contributing significantly to the agency’s mission, IREDA exemplifies progressive change in the renewable energy landscape.
Das expressed optimism for IREDA’s future, equipped with a clear vision, strategic resources, and a dedicated team to fulfill its objectives. He emphasized teamwork, integrity, customer focus, and social responsibility as key to overcoming challenges and achieving continued success.