Indian Renewable Energy Development Agency Targets Rs 30,000 Crore through Debt Raising and Public Offer
IREDA's Ambitious Financial Plans
The Indian Renewable Energy Development Agency (IREDA) is preparing to raise Rs 30,000 crore in FY25 via debt raising and equity. This substantial amount will partly come from a follow-on public offer aimed at bolstering its financial capabilities.
Funding Mechanism
- Proposed follow-on public offer scheduled mid-January to February
- Potential issuance of fresh equity through qualified institutional placement (QIP)
- Board's approval for raising up to Rs 4,500 crore through various methods including rights issues and preferential issues
Loan Book Expansion
Chairman Pradeep Kumar Das indicated that IREDA aspires to grow its loan book beyond Rs 85,000 crore by the end of FY25, up from Rs 59,650 crore at the end of FY24. The company has been growing at a remarkable compounded annual growth rate (CAGR) of 24% over the past four years.
Long-Term Strategy
Das mentioned that the future focus will shift towards alternative energy sources, including green hydrogen and offshore wind, indicating a strategic pivot from traditional solar and hydro projects.
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