Established in 1987, the Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
It is a Public Limited Government Company which was established as a Non-Banking Financial Institution and works on the motto “Energy for Ever.”
Why is it in the news?
In May 2021, IREDA was conferred with the “Green Urja Award” for being the Leading Public Institution in the Financing Institution for Renewable Energy by the Indian Chamber of Commerce (ICC) for its pivotal role in the development of Green Energy Financing.
In this article, we shall discuss at length the objectives, history and role of the Indian Renewable Energy Development Agency Limited in the energy sector. All candidates preparing for government exams must refer to the information given below as it is important from the examination perspective.
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IREDA – A Brief Background
- IREDA has been notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956 and registered as Non-Banking Financial Company (NFBC) with Reserve Bank of India (RBI)
- In 2015, it was awarded the status of “Mini Ratna” (Category-I) by the Ministry of New and Renewable Energy (MNRE)
- The organisation is committed to providing innovative financing in Renewable Energy & Energy Efficiency/Conservation and Environmental Technologies
- IREDA headquarters are located in New Delhi, and the Chairman and Managing Director (as of May 2021) is Pradip Kumar Das
The Indian Renewable Energy Development Agency was notified under the Companies Act, 1956, which was later amended in the year 2013. UPSC aspirants can read in detail the key features of the Indian Companies Act, 2013 at the linked article.
Objectives of IREDA
Given below are the key roles and objectives of the IREDA:
- To provide financial assistance to schemes and projects generating energy or electricity through renewable sources and conserving energy through efficient usage
- Maintaining its position as the leading organisation for efficient and effective financing of renewable energy conservation projects
- Promoting means of innovative financing to increase IREDA shares in the energy sector
- Improving the system, process and resources to increase the efficiency of services
- To strive to be a competitive institution through customer satisfaction
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