The company was incorporated in Delhi as ‘Indian Renewable Energy Development Agency Limited’, a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated March 11, 1987, issued by the Registrar of Companies, Delhi and Haryana (RoC). The Company received a certificate of commencement of business dated March 21, 1987, by the RoC. The Company was notified as a public financial institution under Section 4A of the Companies Act, 1956 by the Department of Company Affairs, Ministry of Law, Justice and Company Affairs, Government of India on October 17, 1995. Further, the Reserve Bank of India (RBI) granted a certificate of registration to the company on January 23, 2008 permitting it to commence/carry on the business of non-banking financial institution without accepting public deposits, and classified as an investment and credit company, which was further reclassified as an infrastructure finance company on March 13, 2023.

Indian Renewable Energy Development Agency (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). The company was notified as a ‘Public Financial Institution’ (PFI) under Section 4A of the Companies Act, 1956 by the Department of Company Affairs, Ministry of Law, Justice and Company Affairs, Government of India on October 17, 1995 and is registered with the Reserve Bank of India (RBI) as a Systemically Important Non-Deposit-taking Non-Banking Finance Company (a NBFC-ND-SI), with Infrastructure Finance Company (IFC) status. In September 2023, it has been upgraded from Schedule B to Schedule A in the list of CPSEs by the Department of Public Enterprises (DPE). It was also conferred with the Mini Ratna (Category I) status in June 2015 by the DPE. Since Fiscal 2021, it has consistently been rated ‘Excellent’ by the MNRE in course of evaluation of its performance in achieving key targets.

The company is a financial institution with over 36 years of experience in the business of promoting, developing and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects. It provides a comprehensive range of financial products and related services, from project conceptualisation to post-commissioning, for RE projects and other value chain activities, such as equipment manufacturing and transmission. The company has financed projects across multiple RE sectors such as solar power, wind power, hydro power, transmission, biomass including bagasse and industrial co-generation, waste-to-energy, ethanol, compressed biogas, hybrid RE, EEC and green-mobility. It also offer financial products and schemes for new and emerging RE technologies such as, biofuel, green hydrogen and its derivatives, battery energy storage systems, fuel cells, and hybrid RE projects.

It offers a comprehensive suite of financial products and services including various fund-based and non fund-based products. Some of its key fund-based products for RE developers are long-term, medium-term and short-term loans (for projects, manufacturing and equipment financing), top-up loans, bridge loans, takeover financing, and loans against securitization of future cash flows. It also provide line of credit to other NBFCs for on-lending to RE and EEC projects. In addition, it provides loans to government entities and also provides financing schemes for RE suppliers, manufacturers and contractors. Its non fund-based products include letter of comfort, letter of undertaking, payment on order instruments and guarantee assistance schemes. Further, it provide consulting services on techno-commercial issues relating to the RE sector.

Business area of the company

The company is a Mini Ratna (Category - I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘Energy For Ever’.

Awards and Accreditations

• 1999: Received ‘Word Climate Technology Award for the year 1999’ from Climate Technology Initiative (CTI), Paris, France.
• 2010: Received the ‘Rajiv Gandhi National Quality Award, 2010’ from Bureau of Indian Standards.
• 2012: Received Gold Trophy of ‘SCOPE meritorious Award for Best Managed Bank, Financial Institution or Insurance Company’ for the year 2011-12.
• 2013: Received India Pride Award for ‘Excellence in Financial Sector, Government NBFCs’ for the year 2013-14.
• 2014: Received ‘SCOPE award for Excellence and Outstanding Contribution to the PSE Management 2013-14 –Institutional Category III (Other Profit Making PSEs)’.
• 2016: Received ‘Outstanding Performance Award 2016’ in the Category of Non-Banking Financing Companies (Public Sector) for ‘Highest lending by a Public Sector NBFC in Renewable Energy Space’ by MNRE.
• 2016: Received ‘Golden Peacock Award for Excellence in Corporate Governance’ from Institute of Directors.
• 2017: Received Best Financial Performance (Mini Ratna Company) Award from Hindustan Newspaper at the Hindustan Ratna PSU Award 2017.
• 2017: Received the ‘2017 Best Performing Project Award’ from the Department of Economic Affairs, Ministry of Finance, Government of India and the Asian Development Bank.
• 2018: Received the ‘Deal of the Year’ award at the UK-India Awards for issue of masala bonds listed at London Stock Exchange.
• 2019: Received the CBIP Award 2019 for ‘Best Financing Agency in Renewable Energy’.
• 2022: Received the 2nd Edition of Green Urja and Energy Efficiency Awards in 2022 in the category of Top Financing Institutions for RE & EE.
• 2022: Received an award for ‘Best performing NBFC for highest Loan Sanctions and Disbursements in 2021-22 in the Renewable Energy Sector’ by the Association of Renewable Energy Agencies of States (AREAS).
• 2023: Received in the 12th PSE Excellence Awards – Indian Chamber of Commerce, (i) Company of the Year under Mini-Ratna category, (ii) CMD of the Year under Mini-Ratna category, and (iii) Operational Performance Excellence (1st runner-up) under Mini-Ratna category.
• 2023: Received Central Board of Irrigation and Power Awards 2022 for Outstanding Contribution to the Development of Renewable Energy.

Major Events 

• 1987: Incorporated as a public limited company.
• 1995: The GoI notified Company as Public Financial Institution under section 4(A) of the Companies Act.
• 1997: The company signed its first loan agreement with Asian Development Bank for line of credit of $100 million.
• 2008: Reserve Bank of India granted a certificate of registration to the Company to commence/carry on the business of non-banking financial institution without accepting public deposits, and classified it as an investment and credit company.
• 2010: The company got upgraded from ‘Schedule C’ to ‘Schedule B’ Central Public Sector Enterprise.
• 2015: The company was granted ‘Mini-Ratna’ (Category-I) status by MNRE.
• 2016: The company set up a 50 MW Solar Project in Kerala.
• 2017: The company became the first Indian financial institution to raise ‘Green Masala Bonds’ listed on London Stock Exchange/Singapore Stock Exchange.
• 2019: The company issued its first subordinated debt (Tier-2 capital) aggregating to Rs 1,500 million.
• 2020: The company signed an MOU with SJVN to provide techno-commercial Consultancy in the field of Renewable Energy.
• 2020-21: The company opened branch offices in Western India (Mumbai) and Eastern India (Bhubaneswar).
• 2021: The company signed MoU with NHPC to provide techno-commercial consultancy in the field of renewable energy.
• 2021: The company signed MoU with Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) to provide advisory services such as market assessment; greenfield project development; bid process management and implementation support and also debt raising services.
• 2021: The company signed MoU with North-Eastern Electric Power Corporation Limited (NEEPCO) to provide advisory services such as market assessment; greenfield project development; bid process management and implementation support and also debt raising services.
• 2022: The company signed MoU with Goa Shipyard, and Central Institute of Petrochemicals Engineering and Technology, to provide techno-commercial consultancy services in the field of renewable energy.
• 2022: The company signed MoU with Bank of India (BOI) for co-lending/consortium lending for renewable energy project.
• 2023: Reserve Bank of India granted a renewed certificate of registration to Company to commence/ carry on the business of non-banking financial institution without accepting public deposits, and classified it as an infrastructure finance company.
• 2023: ICRA Ratings Limited upgraded debt instruments rating to ‘AAA’ Stable.
• 2023: The company signed MoU with Bank of Maharashtra (BOM) for co-lending/consortium lending for renewable energy project.
• 2023: The company signed MoU with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT) to provide techno-commercial consultancy in the field of renewable energy.
• 2023: DPE approved upgradation of the Company from ‘Schedule B’ to ‘Schedule A’ Central Public Sector Enterprise.