About IREDA

• • Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). 

• The CPSEs which have made profit in the last three years continuously, pre-tax profit is Rs.30 crores or more in at least one of the three years and have a positive net worth are eligible to be considered for grant of Miniratna Category-I status.

• IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘ENERGY FOR EVER’.
• Its objective is to give financial support to specific projects and schemes for generating electricity and/or energy through new and renewable sources and conserving energy through energy efficiency.

Why in News?

• In another step towards accelerating the growth of renewable energy in India, Indian Renewable Energy Development Agency Ltd. (IREDA) has signed Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB).
• These agreements will empower IREDA to collaborate with UBI and BoB, in co-lending and loan syndication for a wide range of renewable energy projects, including both established and emerging RE technologies.

https://pib.gov.in/PressReleasePage.aspx?PRID=1954833