The Indian Renewable Energy Development Agency (IREDA) has been upgraded to a Schedule A Central Public Sector Enterprise (CPSE) from the Schedule B category.

The development opens the door for IREDA’s upgradation from a Mini Ratna to a Navratna company, thereby, offering it increased financial autonomy and will allow it to make strategic decisions to further its commitment to accelerating the adoption of renewable energy solutions across the country, the Ministry of New & Renewable Energy (MNRE) has said.

IREDA CMD P K Das said: “It not only acknowledges our past accomplishments, but also underscores the immense potential we hold in driving the renewable energy sector’s growth in India. By attaining Navratna status and increased financial autonomy, we will be in a stronger position to drive the transformation of India’s energy landscape towards sustainability.”

The development comes close on the heels of IREDA filing its draft red herring prospectus (DRHP) with capital market regulator SEBI to raise funds through its initial public offering (IPO) earlier this month.

The IPO with a face value of Rs 10 includes a fresh issue of up to 403.16 million equity shares and an offer-for-sale (OFS) of up to 268.78 million shares by the President of India, acting through the Ministry of New and Renewable Energy (MNRE).

The proceeds from the fresh issue will be used to augment its capital base to meet its future capital requirements and onward lending.

As of August 21, 2023, the company has financed 3,137 renewable energy projects, with a cumulative loan sanction of Rs 1,55,694 crore and loan disbursement of Rs 1,05,245 crore, and has supported renewable energy capacity addition of 22,061 megawatt (MW) in the country.

The government has set IREDA a revenue from operations target of Rs 4,350 crore for FY24 and Rs 5,220 crore for FY25. In FY23, the company achieved revenue from operations of Rs 3,482 crore, against a target of Rs 3,361 crore.

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