Indian Renewable Energy Development Agency (IREDA)

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. 

IREDA – Indian Renewable Energy Development Agency [UPSC Notes]:-Download PDF Here

IAS Exam aspirants can also refer to the following links:

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. 

UPSC 2021

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

Candidates preparing for the upcoming Civil Services Exam can refer to the detailed subject-wise UPSC syllabus at the linked article and accordingly start their administrative exam preparation. 

IREDA – Indian Renewable Energy Development Agency [UPSC Notes]:-Download PDF Here

Also, get previous year UPSC Prelims Topic-wise Questions [2013-2020] along with their solutions at the linked article and comprehend the type of questions asked in prelims and the standard of the examination. 

For the latest exam updates, study material and preparation tips, visit BYJU’S. 

Frequently Asked Questions on IREDA

Q 1. What is the full form of IREDA?

Ans. IREDA stands for Indian Renewable Energy Development Agency.

Q 2. What is the role of IREDA in the renewable energy sector?

Ans. The main role of IREDA is to provide financial assistance to schemes and projects with an innovative approach to producing energy using new and renewable resources, ensuring conservation of energy.

Q 3. Which is the nodal Ministry for IREDA?

Ans. Ministry of New and Renewable Energy (MNRE) is the nodal Ministry for the management of IREDA. Mr Raj Kumar Singh is the Hon’ble Minister of State (IC) (Power, New & Renewable Energy), as of May 2021.

Q 4. When was India’s Renewable Energy Agency established?

Ans. Indian Renewable Energy Development Agency (IREDA) was established in 1987 to promote, develop and extend financial assistance for renewable energy and energy efficiency/conservation projects.

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