IREDA granted infrastructure finance company status by RBI

The Reserve Bank of India (RBI) has granted Indian Renewable Energy Development Agency (IREDA) the status of an Infrastructure Finance Company (IFC).

The company was earlier classified as an Investment and Credit Company (ICC). With the IFC status, IREDA will be able to take greater exposure in renewable energy financing and access wider investor base for fund mobilisation, resulting in competitive rates for fund raising. The grant of IFC status is a recognition of IREDA’s 36 years of infrastructure financing and development with focused development of renewable energy. Recently, IREDA marked 36 years of its presence in India. Notably, IREDA has cumulatively sanctioned loans amounting to more than Rs 1.45 trillion and financed renewable energy loans exceeding Rs 920 billion as on date, with a loan book size exceeding Rs 400 billion.