Indian Renewable Energy Development Agency Limited

The Indian Renewable Energy Development Agency Ltd. (IREDA) was established in 1987 as a Public Sector Non-Banking Company under the Ministry of Non-Conventional Energy Sources (MNES) with the objective of providing loans for new and renewable sources of energy (NRSE). It has played a key role in the development of renewable energy in India.

12.2 Lending Operations
During the current year upto 31st December 2004, IREDA has sanctioned loans to the tune of Rs.321.97 crore and disbursed Rs.193.60 crore against the annual targets of Rs.500 crore and Rs.350 crore respectively. The loans were sanctioned for the establishment of about 152.80 MW of installed capacity of power generation and 584.64 metric tonnes coal replacement projects from renewable sources. The cumulative sanctions and disbursements as on 31st December 2004 were of the order of

Rs.6667.40 crore and Rs.3619.70 crore respectively. The sector-wise break-up of sanctions and disbursements is given in Table 12.1.

12.3 MoU with MNES
Based on the provisional figures, the performance of IREDA in achieving the targets set for the year 2003-04 in its Memorandum of Understanding (MoU) with the Ministry is rated as “Good”. IREDA has signed an MoU with the MNES for the year 2004-05.

12.4 Resource Mobilisation
The paid-up capital stood at Rs.325.35 crore as on 31st March, 2004 against the authorised share capital of Rs.400 crore. For 2004-05, IREDA has been allocated equity of Rs.50 crore. IREDA has raised Rs.109.38 crore and Rs.10.00 crore from IBRD and Dena Bank respectively during 2004-05 (upto 31.10.2004), to meet financial requirements during 2004-05.

12.4.2 IREDA has repaid US$ 10.98 million (equivalent to Rs.49.55 crore) being the balance Pool-Based Single Currency Loan (PBSCL) of ADB loan during 2004-05.

12.5 Dissemination of Information
The Company continued to create awareness of its financing policies. The publicity campaign was taken up through print and electronic media, publication of brochures, newsletters, separate website, video films on the importance of renewable energy and also energy conservation. “IREDA News” continued to be published quarterly to highlight the current developments in the renewable energy sector. A bimonthly Bulletin on Energy Efficiency is being published for creating awareness about energy efficiency and conservation in the country. A touch-screen information kiosk has been installed for providing easy access to information relating to financing policy of the company to the visitors/ clients.

12.6 Promotional Efforts
IREDA continued to sponsor / co-sponsor various types of programmes to promote Renewable Energy Technologies. IREDA has supported 19 seminars, workshops, business meets and exhibitions during the period April- December 2004.