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?

• IREDA has achieved a significant milestone by securing its international credit rating. The International Credit Rating Agency, S&P Global Ratings Limited assigned ‘BBB-‘ long-term and ‘A-3’ short-term issuer credit ratings to IREDA, with Outlook ‘Stable’.
• This rating will enable IREDA to expand its reach in the international market, tapping into attractive sources of funding and supporting its borrowing plan. 

https://pib.gov.in/PressReleasePage.aspx?PRID=2049891