IREDA Keen To Promote Renewable Energy Projects In Odisha

Highlights :

IREDA opened a branch office in Bhubaneswar in August 2021, sanctioning afterwards five Hydro power projects totaling 80.5 MW and a 1.5 MW Energy Access project.

Pradip Kumar Das, Chairman & Managing Director (CMD), Indian Renewable Energy Development Agency Ltd. (IREDA) met Suresh Chandra Mahapatra, Chief Secretary, Govt of Odisha, in Bhubaneshwar on May 13 over the prospects of Renewable Energy in the state.

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“IREDA is keen to promote more RE projects in Odisha, realizing the immense green energy potential in the state,” Das said. Both took stock of the projects continuing in the state and explored the opportunities for promoting the usage of Renewable Energy in the state, the sources said.

IREDA opened a branch office in Bhubaneswar in August 2021, sanctioning afterwards five Hydro power projects totaling 80.5 MW and a 1.5 MW Energy Access project. IREDA has since sanctioned loans of Rs. 670 crores and disbursed loan of Rs. 348 crores.

The Chief Secretary appreciated IREDA for taking more interest in development of Odisha and assured the State Government’s complete support for RE projects. CMD, IREDA also highlighted that besides Hydro and Access to Energy, several projects for Odisha related to Biomass and manufacturing are also under consideration. IREDA should also encourage Solar Rooftop, Solar Heating, and Solar Lighting systems for household use in Odisha, said Chief Secretary.

IREDA reported historic all-time high annual Profit After Tax (PAT) of Rs. 634 Crores and Profit Before Tax (PBT) of Rs. 834 Crores in the FY 2021-22 , registering a strong growth of 82.88% and 46.41%, respectively over FY 2020-21.

The Loan Book of IREDA, a NBFC under MNRE has grown from Rs. 27,854 as on 31st March 2021 to Rs. 33,931 Crores as on 31st March 2022 (registering a growth of 21.82%). The company registered highest-ever loan sanction of Rs. 23,921 Crores (growth of 117.44% to the previous year sanction of Rs. 11,001 Crores).

The loan disbursement of Rs. 16,071 Crore is the highest in the company’s history and a record increase by 82% from the previous year.

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