IREDA & MNRE Peg Annual Performance Target for 2022-23 at 18% Higher Than Previous Year

Indian Renewable Energy Development Agency Ltd (IREDA) has entered into an agreement with the Ministry of New and Renewable Energy (MNRE), towards the purpose of setting annual performance target for the year 2022-23. The goal has been pegged by the Government of India at Rs 3,361 crores for Revenue from Operation. This is an increase of almost . 18% from the achievement in the previous year. Diverse important parameters with relation to performance such as return on net worth, return on capital employed, NPA to total Loans, asset turnover ratio and earning per share, etc. have also been fixed.

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The Memorandum of Understanding between IREDA and MNRE was signed by Bhupinder Singh Bhalla, Secretary, MNRE and Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA. The signing of the MoU also saw the presence of senior officials from MNRE & IREDA.

Pradip Kumar Das indicated that IREDA has been delivering exemplary performances for the previous two financial years and is set to meet the goals. IREDA informed that its Profit After Tax (PAT) in second quarter of FY 2022-23, as compared to corresponding period during FY 2021-22, soared 67%. The Gross Income of the government company also stood at Rs 791.56 crore as against ₹682.94 crore which is an increase of 15.90%. At the same time, the net NPAs have slid from 4.87% to 2.72% in the said quarter vis-a-vis the corresponding period during FY 2021-22.

In FY 2021-22, IREDA secured 96.54 marks for the MoU. The firm maintains that currently, it has financed over 3,068 renewable energy projects loan accounts with cumulative loan sanction and disbursement to the tune of
Rs 1,41,622 crores and Rs 90,037 crores respectively. It maintains that it has supported renewable energy capacity addition of 19,502 MW in the country. In a significant agreement, IREDA had joined hands with SJVN Green Energy Ltd. for a 1,000 MW Solar power project at Bikaner, Rajasthan. The agreement was worth Rs. 4,444.71 crore. In 2022, it set its sights on Maharashtra and Odisha for renewable energy projects.

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Despite the onslaught by the pandemic, IREDA recorded its highest-ever loan sanction of Rs 2,3921.06 crore and disbursement of around Rs 16,070.82 crore in 2021-22.

IREDA is a government-owned mini-Ratna (Category-I) firm that answers to the Ministry of New and Renewable Energy. It was established in 1987 as a public limited government company to promote, develop, and provide financial support for the formation of projects connected to new and renewable energy sources and energy conservation.