IREDA plans retail subsidiary for rooftop solar, other renewable projects

The Chairman and MD of IREDA, Pradip Kumar Das, has unveiled plans to establish a subsidiary dedicated to retail projects, including rooftop solar, PM-KUSUM, electric vehicles and other Business-to-Consumer (B2C) segments.

During a panel discussion titled "Green Financing: Architecture for Accessible Finance" held in New Delhi as part of the Second CII India Europe Business & Sustainability Conclave, Das outlined IREDA's vision for the subsidiary, subject to the approval of the Government of India. The initiative seeks to cater to the diverse needs of the retail segments and facilitate accessible finance for renewable energy projects.

The panel discussion, focused on supporting investments in India's renewable energy sector, emphasised the importance of ensuring project bankability. Das reiterated IREDA's dedication in making various renewable energy technologies bankable, including emerging sectors such as electric vehicles, green hydrogen and offshore wind.

Underlining IREDA's success in reducing non-performing assets (NPAs) over the past three years through improved transparency and addressing borrower concerns, Das emphasised the agency's role in promoting environmental sustainability, particularly through the involvement of micro, small, and medium enterprises (MSMEs) in the renewable energy sector.

He stressed the need for MSMEs to enhance their ratings and governance to access finance for renewable energy projects at competitive interest rates, reaffirming IREDA's commitment to supporting MSMEs and fostering their participation in the country's renewable energy landscape.