The Indian Renewable Energy Development Agency Limited (IREDA) has signed a performance-based Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE), Government of India, setting strategic targets for the fiscal year 2025-26.

The MoU was signed at Atal Akshay Urja Bhawan in New Delhi by Santosh Kumar Sarangi, Secretary, MNRE, and Pradip Kumar Das, Chairman and Managing Director of IREDA, in the presence of senior officials from both organisations.

Under the agreement, the Government of India has set a revenue from operations target of Rs 82 billion for FY2025-26. IREDA surpassed its target in FY2024-25, achieving Rs 67.43 billion against a goal of Rs 59.57 billion. The MoU also incorporates key performance parameters including Return on Net Worth, Return on Capital Employed, NPA to Total Loans, Asset Turnover Ratio, and EBTDA.

Expressing confidence in the company’s performance outlook, CMD Pradip Kumar Das said: “We are committed to sustaining our track record of excellence. IREDA has earned an ‘Excellent’ rating in MoU performance for four consecutive years since FY2020-21. For FY2023-24, IREDA was the top performer in the NBFC and Power sector, and among the top four CPSEs across all sectors, as per a list of 84 CPSEs released by the Department of Public Enterprises.”

The MoU reinforces IREDA’s role as a key institution supporting India’s renewable energy growth, aligning with national goals for clean energy and sustainability.