State-run Indian Renewable Energy Development Agency (IREDA) plans to set up an overseas office at the international financial services hub GIFT City in Gujarat.
The clean energy sector lender aims to finance renewable energy projects in foreign currency, and the ‘overseas office’ classification will allow the agency to avoid foreign exchange hedging costs, IREDA said in a statement.
IREDA Chairman and Managing Director Pradip Kumar Das stressed on the significance of green taxonomy to raise around ₹25 lakh crore for green energy projects by 2030.
He has suggested that insurance and superannuation funds can be mandated to invest 2 per cent of their assets under management in green bonds to finance green energy projects, the company added.
Loan growth
The non-banking financial company (NBFC) has financed more than 3,068 RE project loan accounts with cumulative loan sanction and disbursement to the tune of ₹1,41,622 crore and ₹90,037 crore, respectively, and supported RE capacity addition of 19,502 megawatts (MW) in the country.
The mini-Ratna company posted a profit after tax (PAT) of ₹200.75 crore in Q3 FY23, which is 87 per cent higher compared to ₹107.19 crore in Q3 FY22. Total income grew 17 per cent year-on-year to ₹869 crore.
IREDA’s net non-performing assets (NPAs) have reduced to 2.03 per cent in Q3 FY23 from 6.26 per cent in Q3 FY22, a significant reduction of 68 per cent Y-o-Y.
Loan disbursement rose by 327 per cent Y-o-Y to ₹6,341.81 crore in Q3 FY23 against ₹1,484.84 crore (in Q3 FY22). Loan sanctions were up 527 per cent Y-o-Y to ₹9,024.25 crore, compared to ₹1,439.33 crore during the same period.
IREDA’s loan book rose by 41 per cent on an annual basis to ₹37,887.69 crore in the December quarter this fiscal year, from ₹26,937.45 crore in the same quarter in FY22.