Summary Of IREDA
IREDA, formally known as Indian Renewable Energy Development Agency Limited Company. It is the Mini Ratna Government of India Enterprise. The firm operates under the administrative control of the Ministry of New and Renewable Energy. The company was incorporated in 1987 as a non-banking financial institution.
It offers financial support to renewable energy projects companies and manufacturers across India. It provides support to such companies for power generation, machinery supply, and fuel source projects including wind power, solar power, hydropower, biomass, co-generation, and waste to energy as well as energy efficiency and conservation.
The company is involved primarily in providing finance and re-financing to projects, companies, manufacturers, and schemes that generate energy through new or renewable energy sources, through debt financing. IREDA firm branches founded in New Delhi, Chennai, Hyderabad, and Ahmadabad.
Promoters of IREDA
KS Popli as chairman and managing director of IREDA. Satish Kumar Bhargava takes over as Directo- Finance, Bhanu Pratap Yadav as Director – Government nominee, and Indu Bala and Abhishek Mahawar as independent directors.
Financial Status Of IREDA Company
|Particulars||For the year ended ( in Rs. million)|
|March 31, 2019||31 – March – 2018||31- March 2017|
|Total Assets||27.18||26. 74||27.91|
|Profit After Tax||2.68||3.06||2.71|
- Trusted and Innovative Brand
- Strategic role in GoI initiatives in the renewable energy sector
- Access to diversified sources of funds
- Consistent financial performance and growth
- Experienced management with in-depth sector expertise
In fiscal 2017, the firm launched the Credit Enhancement Guarantee Scheme. The main purpose of this scheme is for erecting bonds by their developers against promoting renewable energy assets. According to the reports, the firm has 100% government of India owned company under the administrative control of the MNRE.
- Continue to leverage industry expertise
- Expand and diversify products and services
- Focus on improving the credit quality of loans to reduce NPA levels
- Lowering transaction costs and Improving customer satisfaction
Short term loans, bridge loans, take out financing, securitization of project receivables, short-term loans against pending energy bills of DISCOMs are the type of term loans offered by the IREDA. Moreover, Letters of comfort and undertaking, the credit enhancement scheme are the non-fund based products and services.