Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

IREDA Raises About $20M By Bond Issuance

- Advertisement -

The government-owned non-banking financial company recently announced their successful generation of a multi-million dollar fund to support India’s RE growth. 

The Indian Renewable Energy Development Agency (IREDA) revealed on Friday that it has effectively secured Rs 1,500 crore (equivalent to about 20 million dollars) by issuing bonds for investors to back renewable energy projects in India.

Initially, Rs 500 crore was offered in the bond, with an additional Rs 1,000 crore available through a Green Shoe option due to high investor demand. The issuance attracted 2.65 times more subscriptions than available bonds. Investors were offered a competitive annual interest rate of 7.44% for a tenure of 10 years and two months.

- Advertisement -

In the official statement, IREDA CMD Pradip Kumar Das emphasised that the successful capital raise the agency aims to achieve will bolster its capacity to finance more green energy projects, aligning with India’s target of achieving 500 GW of non-fossil fuel installed capacity by 2030.

He also expressed satisfaction with the investor’s response to their bond issuance. He noted that the ‘overwhelming’ subscription highlights the trust and confidence investors have in IREDA’s vision and its role in advancing renewable energy growth in India. 

Last month, IREDA revealed its goal to conduct a follow-on public offer (FPO) within this fiscal year to fulfil its capital needs and support lending to green energy projects. The company targets scheduling the FPO for the second half of the current financial year or the first half of FY26.

Besides, the company has recently established a wholly owned subsidiary, IREDA Global Green Energy Finance IFSC, at the International Financial Services Centre (IFSC) in GIFT City, Gujarat. This entity will be an offshore platform to secure cost-effective funding and reduce hedging expenses.

IREDA is regarded as a non-banking financial company (NBFC). The institution’s equity stands at approximately Rs 8,559.43 crore ($11.41M), with a loan portfolio of around ₹59,698 crore ($79.6M). Its disbursements totalled about Rs 25,089 crore in FY24, an increase from ₹21,639 crore in FY23, Rs 16,071 crore in FY22, and Rs 11,000 crore in FY21.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Saurav Kumar Singh, the Founder of Elecbits

“We Aim To Attract Companies From The US And UK To Manufacture In India...

0
In a discussion with EFY’s Nitisha, Saurav Kumar Singh, the Founder of Elecbits, elaborates on its design and manufacturing procedures. Additionally, he highlights a...

NITI Aayog Report Urges To Boost Electronics Global Value Chain

0
Aiming for the country to become a global hub for electronics manufacturing, the recent report by NITI Aayog called for interventions, analysing India’s position...

Global PC Market Up 3.1% YoY, AI Boom Ahead

0
Predicting an upcoming AI PC demand surge in the year's second half, the global PC market warms up with a 3.1% year-on-year increase in...

Buzz

Toshiba Increases Transformer Capacity, Invests $5 Billion

0
Toshiba increases transformer capacity by 1.5 times and invests $5 billion in India to expand its operations and meet growing demand. On Thursday, Toshiba Group...

BMW Advocates For Open-Source Software, Joins Eclipse SDV Group

0
The German car manufacturer has joined the Eclipse SDV Working Group as a strategic member, enhancing international cooperation on open-source software technologies for contemporary...

TATA POWER RENEWABLE ENERGY & NHPC Partner To Solarise Government Building

0
Tata Power and NHPC partner to install rooftop solar on government buildings, aiming for 100% solarisation by 2025 under PM Surya Ghar Yojana. On Thursday,...

Important Sectors

Toshiba Increases Transformer Capacity, Invests $5 Billion

0
Toshiba increases transformer capacity by 1.5 times and invests $5 billion in India to expand its operations and meet growing demand. On Thursday, Toshiba Group...

NITI Aayog Report Urges To Boost Electronics Global Value Chain

0
Aiming for the country to become a global hub for electronics manufacturing, the recent report by NITI Aayog called for interventions, analysing India’s position...

BMW Advocates For Open-Source Software, Joins Eclipse SDV Group

0
The German car manufacturer has joined the Eclipse SDV Working Group as a strategic member, enhancing international cooperation on open-source software technologies for contemporary...

TATA POWER RENEWABLE ENERGY & NHPC Partner To Solarise Government Building

0
Tata Power and NHPC partner to install rooftop solar on government buildings, aiming for 100% solarisation by 2025 under PM Surya Ghar Yojana. On Thursday,...

Budget Hydrogen Cell Startup Protonas Secures Funding From Transition VC

0
The company intends to implement its solutions to provide affordable backup power options in North American markets. It also plans to supply fuel cell...

Manufacturing

NITI Aayog Report Urges To Boost Electronics Global Value Chain

0
Aiming for the country to become a global hub for electronics manufacturing, the recent report by NITI Aayog called for interventions, analysing India’s position...

HPL Electric Teams with G Ramway To Make Relay Switches

0
Eyeing India’s self-sufficiency goals, smart meter manufacturer HPL Electric has inked a deal with China-based G-Ramway Technology to boost local manufacturing off switches. Last week,...

Sparsh CCTV Invests $3 Billion To Boost Manufacturing

0
Sparsh CCTV invested $3 billion to enhance production capacity, aligning with 'Make in India' for surveillance equipment, focusing on scaling operations in Kashipur. Sparsh CCTV ...

Cooper Standard Launches Ecoflow For Electric Vehicles

0
This scalable fluid control technology, which can be used across various powertrains, is particularly effective for managing the intricate glycol thermal needs of fully...

Economic Ties Strengthens Between Taiwan And India

0
According to the trade body Chairman, James Huang, Taiwanese firms relocate supply chains from China to India, boosting India’s manufacturing and bilateral trade. As global...