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IREDA gets ‘Infrastructure Finance Company’ status from RBI

New Delhi: Release issued By  Press Information Bureau claimed that The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA) today. It was earlier classified as an ‘Investment and Credit Company (ICC)’.

With the IFC status, IREDA will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilization, resulting in competitive rates for fundraising.  The recognition of IREDA as an IFC will increase investors’ confidence, enhance brand value, and generate a positive outlook in the market. The grant of IFC status is a recognition of IREDA’s 36 years of infrastructure financing and development with focused development of Renewable Energy. With IFC status,

Shri Pradip Kumar Das, Chairman, and Managing Director of IREDA said, “The IFC status is a significant milestone for IREDA and will enable us to maintain our leading position as a financier of RE space. IREDA will continue to play a motherly role in the development of the RE sector.”

IREDA has been promoting, developing, and financing new and renewable sources of energy with the motto: “Energy for Ever” since 1987. It finances all RE technologies and value chains such as solar, wind, hydro, bio-energy, waste-to-energy, energy efficiency, e-mobility, battery storage, biofuel, and new and emerging technologies.

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