IREDA Secures Approval for Rs 4,500 Crore Equity Issue to Boost Renewable Energy Financing

ENA Sectors 2024-09-19 17:50:18 New Delhi, Sep 19 (KNN) The Indian Renewable Energy Development Agency Limited (IREDA) has secured approval from the Department of Investment and Public Asset Management (DIPAM) to raise approximately Rs 4,500 crore through a fresh equity issue. This significant move follows recommendations from a High-Level Committee and is set to be executed via the Qualified Institutions Placement (QIP) route. The planned fund-raising is expected to lead to a dilution of the Government of Indias shareholding in IREDA by up to 7 percent on a post-issue basis. This dilution will be implemented in one or more tranches, aimed at strengthening IREDAs capital base. The fresh capital infusion will enhance IREDAs ability to finance a broader range of renewable energy projects, bolstering India's transition towards a cleaner energy future. IREDAs Chairman and Managing Director, Pradip Kumar Das, expressed optimism about the development. DIPAMs approval represents a critical step forward in our expansion plans. With this new capital, we will be better positioned to support Indias ambitious renewable energy goals and continue playing a pivotal role in financing clean energy projects across the country, Das stated. The infusion of capital is expected to reinforce IREDA's financial stability and capacity to support the governments vision of a robust renewable energy sector. By increasing its financing capabilities, IREDA aims to accelerate the deployment of sustainable energy solutions, contributing significantly to Indias environmental and energy goals. (KNN Bureau) 39344 https://knnindia.co.in/news/newsdetails/sectors/ireda-secures-approval-for-rs-4500-crore-equity-issue-to-boost-renewable-energy-financing 2024-09-19 17:50:18 knnindia.co.in IREDA Secures Approval for Rs 4,500 Crore Equity Issue to Boost Renewable Energy Financing