On the celebration of 38th Foundation Day on March 11, 2024, the Indian Renewable Energy Development Agency Ltd. (IREDA), marked a significant milestone in its journey towards fostering renewable energy development in India. The Foundation Day provides an opportunity to look back on the 37 years of journey, momentums, tasks, and operations undertaken to provide the standard of IREDA.
It was a moment to express appreciation to its loyal employees, stakeholders, and business partners, whose constant support made IREDA the largest Pure Play Green Finance NBFC in the country.
On the 38th Foundation Day celebration Chairman & Managing Director Shri Pradip Kumar Das; Director (Finance) Dr. Bijay Kumar Mohanty; and Chief Vigilance Officer Shri Ajay Kumar Sahani, addressed the employees highlighting the company’s achievements, challenges, and future endeavours.
CMD Shri Pradip Kumar Das expressed his happiness on the occasion, highlighting the importance of celebrating successes, reflecting on challenges, and charting the future course of action. He commended IREDA’s pivotal role in financing India’s energy transition, contributing significantly to national energy security, climate action, and sustainable development goals.
Highlighting a major accomplishment, the CMD informed that IREDA achieved an ‘Excellent’ rating under the MoU 2022-23, signed with the Ministry of New & Renewable Energy. He said that this recognition for the third consecutive financial year, with a score of 93.50 and a final rating of ‘Excellent’, reflects the company’s dedication, hard work, and commitment to excellence.
On this occasion CMD launches IREDA’s retail division, catering to diverse borrowers, particularly in sectors like Rooftop Solar and the PM-KUSUM scheme, underscoring a significant market segment for the company’s growth. He focused on innovation as a key to strategy, focusing on introducing new financial products and expanding his presence in conglomerate financing and emerging green technologies.
Brilliant on IREDA’s achievements over the past three and a half years, the CMD expressed gratification with the exponential growth in the loan portfolio, the elevation of credit ratings, the historic listing on stock exchanges, upgradation from Schedule ‘B’ to Schedule ‘A’, attainment of ‘Infrastructure Finance Company (IFC)’ status from RBI, and the ongoing process of elevation from ‘Mini-Ratna’ to ‘Navratna’ status.
He also highlighted the expansion into diverse sectors and the study of new business opportunities, such as establishing a wholly-owned subsidiary in the International Financial Services Centre (IFSC) in GIFT City, Gujarat.
While celebrating these achievements, Shri Das emphasized the need to maintain high standards of performance and customer satisfaction, affirming IREDA’s commitment to maintaining its leadership position as the lender of choice in energy transition. He outlined a vision for future growth, citing the immense opportunities in the renewable energy sector.
Shri Das outlined efforts to optimize the cost of borrowing and enhance operational efficiency through digitization and process automation, demonstrating IREDA’s commitment to leveraging technology for greater effectiveness and customer-centricity.
The CMD also highlighted the cultural transition towards increased efficiency, higher employee responsiveness, and women’s empowerment, observing that one out of every four employees is female, many of whom are leading the departments. He emphasized IREDA’s significant role in changing the perception of Renewable Energy in the country. He said that the management actively engages in two-way communication, addressing concerns of employees as well as borrowers and frequently seeking inputs and ideas, leading to the company’s exceptional performance in recent years.
Director (Finance) Dr. Bijay Kumar Mohanty and Chief Vigilance Officer Shri Ajay Kumar Sahani also addressed the employees, reiterating the company’s commitment to excellence, innovation, and ethical business practices.
In conclusion, the CMD expressed confidence in IREDA’s bright future, with a strong vision, strategy, resources, and team to achieve its goals. He emphasized the importance of teamwork, integrity, customer focus, and social responsibility in overcoming challenges and reaching new heights of success.
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IREDA has achieved ‘Excellent’ Rating for the 3rd Consecutive Year: CMD IREDA (Indian Renewable Energy Development Agency Limited) has proudly achieved an ‘Excellent’ rating for the third consecutive year, as announced by its CMD (Chairman and Managing Director). This accolade underscores IREDA’s steadfast commitment to promoting renewable energy projects in India.
The ‘Excellent’ rating reflects IREDA’s robust financial performance, efficient project management, and strategic initiatives in advancing the renewable energy sector. It reaffirms the agency’s pivotal role in facilitating sustainable development through financing and promoting renewable energy projects across the nation.
Under the leadership of its CMD, IREDA continues to spearhead initiatives that contribute significantly to India’s renewable energy goals. CMD Shri Pradip Kumar Das expressed his happiness on the occasion, highlighting the importance of celebrating successes, reflecting on challenges, and charting the future course of action. He commended IREDA’s pivotal role in financing India’s energy transition, contributing significantly to national energy security, climate action, and sustainable development goals. The consistent recognition of excellence underscores IREDA’s credibility and reliability as a key player in the renewable energy financing landscape.
This achievement not only strengthens IREDA’s reputation but also highlights its integral role in driving the transition towards a greener and more sustainable energy future for India.
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