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IREDA Achieves a Record PAT of Rs 1,252 Crore

Indian Renewable Energy Development Agency Limited (IREDA) has revealed its audited financial results for the fiscal year 2023-24. IREDA has achieved an annual profit after tax (PAT) of Rs 1252.23 crore which is an all time high. The results mark an impressive growth of 44.83 percent over the previous fiscal year. The company has successfully reduced its net non-performing assets (NPAs) to 0.99 percent in FY 2023-24 from 1.66 percent in FY 2022-23. It demonstrates a significant reduction of 40.52 percent year-on-year.IREDA's loan book has grown from Rs 47,052.52 crore as on March 31, 2023, to Rs 59,698.11 crore as on March 31, 2024, registering a growth of 26.81 percent. The company has achieved all-time high annual loan sanctions of Rs 37,353.68 crore and disbursements of Rs 25,089.04 crore in financial year 2023-24, registering an increase of 14.63 percent and 15.94 percent respectively, over previous financial year loan sanctions of Rs 32,586.60 crore and disbursements of Rs 21,639.21 crore. The net-worth of the company as on March 31, 2024, has reached Rs 8,559.43 crore as against Rs 5,935.17 crore, year ending March 31, 2023, increased by 44.22 percent. IREDA CMD Pradip Kumar Das said, “IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India indicates a promising trajectory for investors and stakeholders. IREDA CMD attributed the company's growth to the unwavering trust of its stakeholders while extending gratitude to the Ministry of New & Renewable Energy and Board of Directors for their indispensable support and guidance. Read the full article

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IREDA's Gandhinagar office to boost green hydrogen and renewable energy manufacturing projects

 Indian Renewable Energy Development Agency Limited (IREDA) has opened an office in GIFT City, Gandhinagar, specialising in offering debt options denominated in foreign currencies. This initiative aims to enable natural hedging and substantially decrease financing costs for Green Hydrogen and Renewable Energy Manufacturing projects, thereby supporting India's shift towards a more sustainable future. The announcement was made by IREDA's Chairperson & Managing Director, Pradip Kumar Das, during a panel discussion on "Future Growth Opportunities for Long Duration Energy Storage" at the World Future Energy Summit 2024 in Abu Dhabi on April 17, 2024. Das emphasised the critical role of energy storage in achieving the National Green Hydrogen Mission's ambitious target of over 5 million metric tons per annum (MTPA) of hydrogen production by 2030. He outlined key priorities for advancing storage technologies, including enhancing research and development efforts to reduce costs and improve performance, implementing policies to strengthen the supply chain network, and providing competitive financial solutions to encourage investment in energy storage projects. India has undertaken several initiatives in this direction, including formulating a storage requirement roadmap up to 2047, issuing technology-agnostic storage tenders, and implementing supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India forecasts a storage demand of close to 400 gigawatt-hours (GWh) by 2030-32, necessitating an estimated investment of over Rs 3.5 lakh crore. IREDA has been a pioneer in renewable energy financing, offering innovative products for emerging technologies at competitive rates, and is committed to supporting the deployment of energy storage technologies in India. Read the full article