The Indian Renewable Energy Development Agency Limited (IREDA) has signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE) for setting an annual performance target for the year 2022-23. The Indian government has set a target Rs 33.61 billion for the revenue from operations. The Indian government has also set various performance related key parameters such as returns on net worth, returns on capital employed, non performing asset (NPA) to total loans, asset turnover ratio and earning per share amongst many others.
IREDA has posted a 67 per cent jump in the profit after tax (PAT) in the second quarter of 2022-23 as compared to corresponding period during the period of 2021-22. Net NPAs have been reduced from 4.87 per cent to 2.72 per cent in the second quarter as compared to corresponding period during 2021-22. As of now, the company has financed more than 3,068 renewable energy projects loan accounts with cumulative loan sanctions and disbursements worth Rs 1416.22 billion and Rs 900.37 respectively. It has also supported the renewable energy capacity addition of 19,502 MW in the country.
Recently in December 2022, IREDA signed a loan agreement for Rs 44.4471 billion with SJVN Green Energy Limited for a 1,000 MW solar power project at Bikaner, Rajasthan. The project will help in connecting to the Bikaner-II 400/220 kV substation.
Additionally, in August 2022, IREDA signed a MOU with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT). According to this MoU, IREDA will be offering funding to MAHAPREIT for renewable energy projects that have to be carried out for state utilities, local governments, and renewable energy park infrastructure.