Indian Renewable Energy Development Agency Limited (IREDA) was incorporated on March 11, 1987 as a Public Limited Company and obtained the Certificate of Commencement of Business dated March 21, 1987. The Company was notified as a Public Financial Institution on October 17, 1995, by the Department of Company Affairs, Ministry of Finance, GoI. Further, the Reserve Bank of India granted a Certificate of Registration to the Company on January 23, 2008, permitting to carry on the business of Non-Banking Financial Company without accepting public deposits.
IREDA is a pioneering financial institution with more than 36 years of experience in the Indian renewable energy sector. The Company provides financial assistance to renewable energy projects, companies and manufacturers in India for power generation, equipment supply and fuel source projects including wind power, solar power, hydro power, biomass, co-generation and waste to energy as well as energy efficiency and conservation.
The Company provides comprehensive suite of financial products and services includes various fund-based financial products including long-term and short-term project and manufacturing loans, take out financing, bridge loans and bill discounting, and non-fund based assistance, like performance guarantees, letters of comfort, letters of undertaking and refinancing schemes.
The Company is a 'Navratna' Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: 'ENERGY FOR EVER'.
The Company was established as an integral part of, and have played a strategic role in, the GoI's initiatives for the promotion and development of the renewable energy sector in India. It has been involved in the development and implementation of various policies and structural and procedural reforms in the renewable energy sector. Under the IREDA-NCEF Refinancing Scheme, the Company utilizes funds received from the National Clean Energy Fund (NCEF) to refinance renewable energy projects for bio-mass (up to 10MW) and small hydro (up to 5MW). It has also been involved in various GoI programs for the development of renewable energy sector including the Wind GBI Scheme, the Solar GBI Scheme and the Solar Water Heating System Capital Subsidy Scheme.
IREDA commissioned one large Hydro Project of 1200 MW under consortium financing in FY 2016-17. 50 MW Solar Project of IREDA situated at Kasargod, in the state of Kerala was installed and commissioned in September, 2017.
In 2019-20, Short Term Loan Facility to Govt. Bodies/ DISCOMS/Transcos/State Owned Trading Companies' was introduced for meeting RPO Compliance/Procurement of RE Power/Payment to RE Generators/Setting up RE Infrastructure (including transmission lines). A Scheme for 'Loan against Securitization of future GBI receivables in case of Grid Connected Wind & Solar Projects' was introduced to provide loan against Securitization of future GBI receivables of Wind & Solar projects registered under GBI scheme of MNRE. Financing Scheme for 'Setting up of New distillery / Expansion of existing distillery for production of Ethanol using Sugarcane Juice / Sugar / Sugar Syrup /B-Heavy Molasses/ C-Heavy Molasses/ Damaged Food Grains' was introduced to provide financial assistance for setting up of new Distillery or expansion of existing Distillery for manufacturing of Ethanol, which in turn promote blending of biofuel in petroleum for reduction in pollution levels and addressing the issues of sugar demand - supply chain.
The Reserve Bank of India granted an Infrastructure Finance Company' status to IREDA in 2023.