IREDA achieves historic annual performance in FY 2021-22
- Highest -ever loan sanction of Rs. 23,921 crores with a growth of 117% compared to FY 2020-21.
- Highest-ever loan disbursement of Rs. 16,071 crores with a growth of 82% compared to FY 2020-21.
Indian Renewable Energy Development Agency Ltd. (IREDA)
It is the largest dedicated lender of the Renewable Energy in India.
IREDA has achieved major milestones in 2021-22 even though the year saw second and third waves of the COVID-19 Pandemic along with the ongoing globally tense situations.
- It targets utilization of 50% of the country’s energy requirements through RE sources by 2030.
- Raising the non-fossil fuel-based energy capacity of India to 500 GW by 2030.
- It is fully equipped as an implementing agency for the additional allocation of Rs. 19,500 crores for the PLI scheme to the manufacturers of high-efficiency solar modules.
PLI scheme for Solar manufacturing
Last year, the Union Cabinet approved a Rs 4,500 crore production linked incentive (PLI) scheme to boost domestic manufacturing capacity of solar PV modules.
- The scheme is aimed at adding 10,000 MW manufacturing capacity of integrated solar PV modules entailing direct investment of Rs 17,200 crore at present.
IREDA's performance in fiscal year 2021-22
| Criteria | Performance |
|---|---|
| Loan Sanctions | Highest ever Rs. 23,921 crores in FY 2021-22 from Rs. 11,001 crores in FY 2020-21 (up by 117%). |
| Loan Disbursements | Highest ever Rs. 16,071 crores in FY 2021-22 from Rs. 8,827 crores in FY 2020-21 (up by 82%). |
| NPAs | Net NPA reduced to 3.29% in FY 2021-22 from 5.61% in FY 2020-21 (reduction approx. 41%). |
| Net worth | Increased to Rs. 4,989 crores ending FY 2021-22 from Rs. 2,995 crores ending FY 2020-21 (up by 67%). |
| Loan Book | Increased to Rs. 34,000 crores ending FY 2021-22 from Rs. 27,854 crores ending FY 2020-21 (up by approx. 22%). |
Way Forward
IREDA is looking forward to an even higher delivery on its mandate in the year 2022-23 as the company has registered continuous improvement in quarterly financial results.
Need to mutually work with innovations, collaborations, and market dynamics to ensure business expansion, diversification, and sustainable growth.
Exam Track
Prelims Takeaway
- Indian Renewable Energy Development Agency Ltd. (IREDA)
- PLI scheme for Solar manufacturing
Mains Takeaway
Q. Discuss how IREDA could be a driver to achieve India's non-fossil fuel-based energy capacity to 500 GW by 2030.