RBI grants IREDA the status of Infrastructure Finance Corporation

The Reserve Bank of India (RBI) has granted the Indian Renewable Energy Development Agency (IREDA) the status of 'Infrastructure Finance Company (IFC)'.

IREDA was previously classified as an Investment and Credit Company (ICC).

With IFC status, IREDA will be able to increase its involvement in renewable energy financing.

The IFC status will also allow the company to reach a larger investor base for fund mobilisation, resulting in competitive fund raising rates.

In addition, the designation of IREDA as IFC will increase the value of the brand, inspire confidence among investors and create a favorable outlook for the market.

The granting of IFC status, according to a statement from the Ministry of New and Renewable Energy, recognizes IREDA's 36 years of infrastructure financing and development with a concentration on renewable energy.

Pradip Kumar Das, Chairman and Managing Director of IREDA, said: "IFC status is an important milestone for IREDA and will allow us to maintain our leading position as a financier of RE space. IREDA will continue to play a leading role in the development of the RE sector."

Since its founding in 1987, IREDA has worked to promote, create and finance new and renewable energy sources.

It provides funding for all value chains and RE technologies, including those in e-mobility, battery storage, biofuel, solar, wind, hydropower, bioenergy, waste to energy and bioenergy.