IREDA Eyes Massive Rs 29,500 Crore Fundraising Boost for Renewable Energy Push

The Indian Renewable Energy Development Agency (IREDA) aims to raise approximately Rs 29,500 crore through debt and equity markets this fiscal. This ambitious plan, announced by Chairman Pradeep Kumar Das, also includes initiatives like a draft Green Taxonomy and a focus on maintaining high credit ratings to attract global funding.

The Indian Renewable Energy Development Agency (IREDA) is set to raise around Rs 29,500 crore through debt and equity markets this fiscal year, according to Chairman and Managing Director Pradeep Kumar Das.

Das revealed that a draft Green Taxonomy submitted to the Ministry of New & Renewable Energy is at an advanced stage. The agency seeks government's approval for a natural dilution of up to 10% stake to meet its equity need of Rs 4,500 crore by early 2024.

With an 'BBB-' long-term and 'A-3' short-term issuer credit rating from S&P Global Ratings, IREDA is poised to tap international markets for funding, further reducing borrowing costs. Das emphasized the importance of sustaining these ratings to support the agency's expansion plans.

(With inputs from agencies.)