Sunday, May 22 2022 | Time 09:40 Hrs(IST)
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Business Economy


Cabinet nod to infusion of Rs 1,500 cr in IREDA to boost employment

New Delhi, Jan 19 (UNI) The Government on Wednesday approved the equity infusion of Rs 1500 crore in Indian Renewable Energy Development Agency Limited (IREDA), which will help in employment generation of around 10200 jobs in a year and CO2 equivalent emission reduction of around 7.49 million tonnes CO2/year.
The Mini Ratna company under the administrative control of the Ministry of New and Renewable Energy works as a specialised non-banking finance agency for the renewable energy (RE) sector and plays a catalytic role in RE project financing, which gives confidence to financial institutions and banks to lend in the sector.
The equity infusion was cleared by the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.
It will enable the IREDA to lend around Rs 12000 crore to the RE sector, facilitating the debt requirement of RE of additional capacity of around 3500-4000 MW.
The other benefits would be enhancement of IREDA’s net worth, which will help it in additional RE financing, thus contributing better to the Government’s targets for RE. There will also be improvement of the capital-to-risk weighted assets ratio (CRAR) to facilitate its lending and borrowing operations.
UNI NMJ RJ
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