IREDA Sanctions Up 129% In Q3, Disbursements Rise 41%

Indian Renewable Energy Development Agency Ltd. (IREDA) has reported strong growth for the December 31, 2024 quarter. As per provisional figures, IREDA sanctioned loans worth ₹31,087 crore in third quarter, marking a 129% year-on-year (Y-o-Y) growth compared to ₹13,558 crore in the corresponding period last year.

Loan disbursements also witnessed significant growth, increasing by 41% Y-o-Y to ₹17,236 crore from ₹12,220 crore in the previous year. The outstanding loan book surged by 36%, reaching ₹69,000 crore as of December 31, 2024, compared to ₹50,580 crore last year.

IREDA has also been recognized as one of the Top 5 Wealth Creators in India for the period November 2023 to November 2024, securing the prestigious 2nd position by the leading business daily. It is the only public sector enterprise on this list, reflecting its commitment to wealth creation and excellence in the renewable energy sector.

On New Year's Day 2025, Pradip Kumar Das, Chairman and Managing Director, addressed all employees via video conferencing.

He emphasized IREDA's commitment to renewable energy financing. He highlighted IREDA's leadership in driving market innovations, by offering first-to-market support for Green Ammonia, and Pumped Storage Hydropower projects as well as de-centralized generation projects under Solar Rooftop and PM KUSUM.

Highlighting expansion efforts, Das mentioned the provisional registration of IREDA's wholly owned subsidiary at GIFT City, aimed at promoting Green Hydrogen and renewable energy equipment manufacturing through foreign currency financing. He also shared details about the in-principle approval received to establish a retail subsidiary. This subsidiary will focus on handling retail business under the PM-Suryaghar (Rooftop Solar) and PM-KUSUM schemes, as well as emerging B2C segments in renewable energy, including electric vehicles, energy storage, green technologies, and energy efficiency.

Recapping IREDA’s key milestones from the past year, including attaining Navratna status, receiving an international sovereign-equivalent BBB-(Stable) rating from S&P Global, and maintaining domestic AAA ratings, Das promised a strong effort in 2025 and beyond as well.