IREDA sanctions highest-ever loan of Rs 24,000 cr in 2021-22

State-owned Indian Renewable Energy Development Agency (IREDA) has recorded its highest-ever loan sanction of Rs 2,3921.06 crore and disbursement of around Rs 16,070.82 crore in 2021-22.

“Indian Renewable Energy Development Agency Ltd (IREDA), the largest dedicated lender of Renewable Energy in India ended FY2021-22 with its best-ever performance to date. IREDA has achieved the highest-ever loan sanctions of around Rs 23,921.06 crore and loan disbursements of around Rs 16,070.82 crore,” a company statement said.

Ireda Chairman & Managing Director Pradip Kumar Das in his interaction with employees highlighted that Ireda has achieved major milestones in 2021-22 even though the year saw the second and third waves of the COVID-19 Pandemic along with the ongoing globally tense situations.

Ireda is fully equipped as an implementing agency for the additional allocation of Rs 19,500 crore for the PLI (production-linked incentive) scheme for the manufacturers of high-efficiency solar modules announced in Budget 2022.

The loan sanctions of the company were the highest ever at Rs 23,921 crore in FY 2021-22, up 117 per cent from Rs 11,001 crore in FY 2020-21.

Similarly, the loan disbursements were at a record high of Rs 16,071 crore in FY 2021-22, 82 per cent higher than Rs 8,827 crore in FY 2020-21.

The Net NPA reduced by around 41 per cent to 3.29 per cent in FY 2021-22 from 5.61 per cent in FY 2020-21. The net worth increased by 67 per cent to Rs 4,989 crore in FY 2021-22 from Rs 2,995 crore in FY2020-21.

The loan book grew by about 22 per cent to Rs 34,000 crore in FY2021-22 from Rs 27,854 crore in 2020-21.

The company supported RE (renewable energy) capacity installation of 29.48 GW ending March 2022, which is around 28 per cent of installed RE capacity in India (106.37 GW ending February 2022).

Last month, IREDA signed a Memorandum of Understanding (MoU) with the Central Institute of Petrochemicals Engineering & Technology (CIPET) to provide its techno-financial expertise for the solarization of CIPET campuses.

For the overall growth of the RE sector, IREDA plans to expand its consultancy services to other PSUs and private organisations.