New Delhi, Feb 21 (KNN) Indian Renewable Energy Development Agency Ltd. (IREDA) is considering the establishment of a subsidiary exclusively focused on retail renewable energy initiatives.

The proposed subsidiary, covering various segments such as Rooftop Solar, PM-KUSUM schemes, Electric Vehicles, and others, could be wholly owned by IREDA, pending government approval, said Pradip Kumar Das, Chairman and Managing Director of IREDA.

During a panel discussion titled “Green Financing: Architecture for Accessible Finance” at the “2nd CII India Europe Business & Sustainability Conclave”, Das emphasised IREDA's proactive approach in enhancing the bankability of rooftop solar projects, particularly in light of initiatives like the “PM Surya Ghar Muft Bijli Yojana”.

The panel discussion primarily centred on supporting investments in India's renewable energy sector to accelerate growth, with a particular focus on ensuring the bankability of projects.

The IREDA CMD reiterated the agency's commitment to making various renewable energy technologies financially viable, including emerging sectors such as electric vehicles, green hydrogen, and offshore wind energy.

Furthermore, Das highlighted IREDA's success in reducing non-performing assets (NPAs) over the past three years by addressing borrower concerns and enhancing transparency.

He also emphasised the significant role of Micro, Small, And Medium Enterprises (MSMEs) in promoting environmental sustainability.

In reaffirming IREDA's dedication to supporting MSMEs in the renewable energy sector, Das stressed the importance of improving their ratings and governance to facilitate access to finance for renewable energy projects at competitive interest rates.

(KNN Bureau)