By Business India Editorial

Pradip Kumar Das, Chairman and Managing Director, Indian Renewable Energy Development Agency Limited (IREDA) has said that the Miniratna company stands fully committed towards achieving Prime Minister Narendra Modi's 'Panchamrita' targets and would be an integral part in achieving the 500 GW of non-fossil fuel-based capacity by 2030. 

Speaking at a cyclothon event, which was organised by IREDA on Sunday, he stressed the fact that the Miniratna firm, being the largest RE funding agency in the country, stands fully committed towards achieving the 'Panchamrita' targets. 

IREDA has cumulatively sanctioned renewable energy (RE) loans amounting to more than Rs1.45 lakh crore and financed RE loans exceeding Rs92,000 crore as on date with a loan book size exceeding Rs40,000 crore, ensuring best corporate governance practices, which have become a benchmark to others, according to a statement from the ministry of new and renewable energy.

This has led to IREDA being upgraded to AAA rating from the earlier AA rating by ICRA due to the complete turnaround in IREDA's performance in the last three years through best quality governance, the firm said. 

Ministry of New and Renewable Energy Secretary Bhupinder Singh Bhalla complimented IREDA for spearheading the development of clean and renewable energy in India since last 36 years. 

He said that IREDA is the largest RE financing agency amongst all the domestic funding arms. Bhalla congratulated IREDA for organising the cyclothon event, not only from the health perspective, but also promoting the significance of a green energy for a clean environment. 

The event was organised to cover a distance of 36 km with a minimum coverage of 3.6 km to commemorate 36 glorious years of IREDA's existence as a mother organisation through financing renewable energy sector in India.