The Indian Renewable Energy Development Agency (IREDA) has introduced its retail segment, with the goal of increasing the focus on lending to consumers in Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) scheme, rooftop solar, and various business-to-consumer sectors.
The retail division of IREDA has approved its first loan under PM-KUSUM, component B, totaling Rs 0.58 billion. IREDA has advocated a notable step in sustainable investing by recommending an allocation of 1 per cent to 2 per cent of assets under management from domestic pension and insurance funds to renewable energy bonds. This strategic initiative is designed to bolster bond markets, encouraging more domestic and international investment.
In October 2023, IREDA had been upgraded from Schedule B to Schedule A category of Central Public Sector Enterprises. In September 2023, a MoU was signed between IREDA and the Bank of Maharashtra to encourage and make loan syndication and co-lending easier for a range of renewable energy projects across the country.