State-run Indian Renewable Energy Development Agency (IREDA) has sanctioned a record ₹37,354-crore loans and disbursed loans worth ₹25,089 crore in FY24, its highest ever.

The non-banking financial company (NBFC) for the renewable energy sector loan book now stands at ₹59,650 crore, up by 26.71 per cent, the Ministry of New and Renewable Energy (MNRE) said on Tuesday.

IREDA CMD Pradip Kumar Das said: “IREDA’s record loan sanctions and disbursements for FY24 underscore our untiring commitment to driving the renewable energy revolution in the country. This achievement wouldn’t have been possible without the invaluable support of our stakeholders, business partners, and investors. We are happy to contribute significantly towards the Government of India’s renewable energy targets and look forward to further amplifying our impact in the coming years.”

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

IPO history

In 2023, IREDA completed its initial public offer (IPO) of around 67.19 crore equity shares of ₹10 face value each at ₹32 per equity share.

The issue was subscribed 38.80 times during the three-day bidding process.

The portion for qualified institutional bidders (QIBs) witnessed 104.57 times subscription, while the portion reserved for non-institutional investors saw 24.16 times bidding. The shares of the company were listed on both NSE and BSE on November 29, 2023, with a listing price at around 56 per cent hike in the pre-open trading debut and closed at an upper circuit of ₹60 per share.