IREDA targets Rs 2,749 cr revenue in 2021-22

Indian Renewable Energy Development Agency Ltd (IREDA) is targeting a revenue of Rs 2,749 crore from operations in the ongoing financial year. IREDA, Chairman & Managing Director (CMD), Pradip Kumar Das, has signed a Memorandum of Understanding (MoU) with Indu Shekhar Chaturvedi, Secretary, Ministry of New and Renewable Energy (MNRE) on Tuesday. The government has set a target of Rs 2,749 crore income from operation under the 'Excellent' rating, including different performance-related significant parameters like return on net worth, asset turnover ratio, asset turnover ratio, non-performing asset (NPA) to total loans, earnings per share, and many more. In the financial year (FY) 2020-21, IREDA was rated Excellent with a 96.93 score. Currently, the company has financed over 2,900 renewable energy projects loan accounts with cumulative loan sanctions and disbursement to the tune of Rs 1,08,606 crore and Rs 69,951 crore each. It also helped the green power capacity expansion of 19,463 MW in the country. With an extra equity infusion of Rs 1,500 crore by the government, in the upcoming years, IREDA would have exponential growth in the renewable energy sector. The IREDA would be capable of expanding loan facilities of around Rs 12,000 crores and contributing to even more government targets for renewable energy. After the equity infusion of Rs 1,500 crore, IREDA also plans to introduce an Initial Public Offering (IPO) to complete its further capital requirement. Image Source Also read: IREDA inks MoU with TANGEDCO for renewable energy projects