Indian Renewable Energy Development Agency

Indian Renewable Energy Development Agency Limited (IREDA) is an Indian public sector enterprise which provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation. Formed in 1987, IREDA is a Navratna organisation owned by the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE).

In November 2023, IREDA went public with an initial public offering (IPO), listing on NSE and BSE.

Operations
Indian Renewable Energy Development Agency Limited is a Public Limited Government Company and a Non-Banking Financial Institution formed with the objective of promoting, developing and extending financial assistance  for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. It is a Mini Ratna (Category – I) Government of India Enterprise and under the administrative control of Ministry of New and Renewable Energy (MNRE).

Objectives and policies

 * Financing renewable energy projects.
 * Supporting green power capacity.
 * Financing the setting up of solar manufacturing units.
 * Encourage the use of renewable energy to foster sustainable growth.

Status Change
On April 26, 2024 IREDA was officially granted Navratna status by the Department of Public Enterprises (DPE). Business Standard reports; "Obtaining Navratna status in India bestows significant advantages on a Public Sector Undertaking (PSU). These include greater financial and operational autonomy, allowing for swifter decision-making and improved responsiveness to market shifts. The enhanced freedom also translates to increased investment opportunities, attracting capital for growth initiatives."