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United News of India

IREDA reaffirms its commitment to India's Clean Energy Mission

Mumbai, July 21 (UNI) Indian Renewable Energy Development Agency Ltd (IREDA), India's leading Non-Banking Financial Company (NBFC) under the Ministry of New & Renewable Energy (MNRE), reaffirms its commitment towards India's clean energy mission with strong financial performance and robust growth strategy, according to a statement issued here today. IREDA reported a 49 percent year-on-year growth in operating profit and a 30 percent rise in total income from operations in first quarter (Q1) of FY 2025–26. The strong performance underscored the strength of its core business. IREDA's outstanding loan book surged to Rs 79,941 crore, a 26 percent increase over the previous year, with significant contributions from solar, wind, and emerging technologies like green hydrogen, smart meters, and EVs. The company maintained its impeccable AAA (Stable) domestic credit ratings and successfully raised Rs ₹5,903 crore during the quarter, including a JPY 26 billion ECB from SBI Tokyo, ensuring access to cost-effective capital. Further, while net worth rose by 36 percent, to Rs ₹12,402 crore reflecting continued investor confidence and leadership in the renewable energy financing space. Commenting on the continued growth metrics, Pradip Kumar Das, Chairman & Managing Director, said: 'Operational excellence and responsible financing remain at the heart of our business strategy. We are committed to creating long-term stakeholder value through strong corporate governance, financial discipline, and robust support to India's renewable energy goals.' In a major policy boost, the Central Board of Direct Taxes (CBDT) under the Ministry of Finance has notified IREDA bonds as 'long-term specified assets' under Section 54EC of the Income-tax Act, 1961, effective July nine. This enables investors to claim capital gains tax exemption while supporting India's green transition. The move is also expected to reduce IREDA's cost of capital and encourage wider investor participation. Over the past financial year, IREDA has steadily reduced its NPAs over time by strengthening credit appraisal systems and recovery mechanisms and as a part of its forward strategy, the organisation continues to diversify its lending portfolio and align with national and global sustainability goals. IREDA also achieved recognition for governance and financial excellence, including the 'CMA Icon 2025' award to the CMD and a top five national ranking for wealth creation between November 2023-–24 by a leading business daily. India's recent milestone of achieving 50 percent non-fossil fuel-based power capacity, five years ahead of its 2030 target underscores the growing opportunities in the renewable energy sector. IREDA has been instrumental in this progress and continues to reaffirm its leadership in driving the country's clean energy transition towards the 500 GW target. UNI AAA SS