State-owned Indian Renewable Energy Development Agency sanctioned loans worth Rs 31,087 crore in the third quarter of the current financial year, up 129% from Rs 13,558 crore in the same period last year, according to provisional data provided by the company.
The company’s disbursements also surged 41% to Rs 17,236 crore in the October-December quarter from Rs 12,220 crore in the same quarter of FY24. IREDA’s outstanding loan book grew 36% from last year, reaching Rs 69,000 crore. Cumulatively, IREDA has sanctioned loans worth more than Rs 2.39 lakh crore and disbursed more than Rs 1.52 lakh crore, the company said.
Talking about the company’s expansion efforts, its chairman and managing director Pradip Kumar Das referred to the provisional registration of IREDA’s wholly owned subsidiary at GIFT City, aimed at promoting green hydrogen and renewable energy equipment manufacturing through foreign currency financing.
Through its GIFT City subsidiary, the company will lend to its existing developers who are setting up projects in India and have export-earning potential and to developers who wish to set up projects overseas, the company’s chairman had earlier told FE.
The company has also received in-principle approval to establish a retail subsidiary. “The retail subsidiary will focus on handling retail business under the PM-Surya Ghar (rooftop solar) and PM-KUSUM schemes, as well as emerging B2C segments in renewable energy, including electric vehicles, energy storage, green technologies, and energy efficiency,” Das said.
In an earlier interview to FE, Das had said that the company aimed to expand its loan book to Rs 3.5 lakh crore by 2030.
The state-owned non-banking finance firm aims to disburse loans worth Rs 35,000 crore in the current fiscal year, with a target of reaching an annual disbursement of Rs 1.36 lakh crore by 2030.
The company registered a year-on-year increase of 36.18% in its net profit in the second quarter of the current financial year at Rs 387.75 crore against Rs 284.7 crore a year ago. IREDA sanctioned loans worth Rs 8,723.78 crore in Q2FY25, up from Rs 2,852.05 crore in Q2FY24. Loan disbursements for the period stood at Rs 4,461.87 crore, up from Rs 3,099.98 crore a year ago.