IREDA Chief Highlights Innovative Financing to Boost Wind Energy at Global Wind Day Event
The event, hosted by the Ministry of New and Renewable Energy at The Lalit in New Delhi, was part of the Global Wind Day celebrations, branded as Pawan-Urja: Powering the Future of India.
June 18, 2024. By Abha Rustagi
The event, hosted by the Ministry of New and Renewable Energy at The Lalit in New Delhi, was part of the Global Wind Day celebrations, branded as Pawan-Urja: Powering the Future of India.
During the discussion, Das shared valuable insights into India's ongoing journey towards energy transition, emphasizing IREDA's critical role in advancing the adoption of renewable energy across the country. He highlighted various innovative financial products introduced by IREDA, such as Project Specific Funding for EPCs, manufacturers, and suppliers, along with Guarantee Assistance schemes.
These schemes include options like Letter of Comfort and Payment on Order Instruments, designed to provide a comprehensive solution for project developers, thereby reducing the overall turnaround time for project developments.
Das stressed IREDA’s status as the largest pure-play Green Financing Non-Banking Financial Company (NBFC) in India, focusing on providing cost-effective financing solutions across the entire renewable energy value chain. He said, “IREDA has consistently worked towards reducing financing costs through faster sanctioning of financing facilities and timely disbursements, which has led to early commissioning of renewable energy projects. This, in turn, results in an automatic reduction in financing costs due to a reduction in Interest During Construction (IDC) and early revenue flows.”
Highlighting IREDA’s corporate governance practices, Das pointed out the reduction in net Non-Performing Assets (NPAs), from 7.18 percent to 0.99 percent over the past four years. He urged participants from the renewable energy sector to adhere to high-quality corporate governance standards to ensure optimal risk mitigation in renewable energy development in India.
Das reaffirmed IREDA's commitment to sustainable corporate governance, transparency, and accountability. He emphasized that the innovative solutions introduced by IREDA have already set a benchmark in the financing sector, contributing to the overall growth of renewable energy and wind power in the country.
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