- 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?
- Indian Renewable Energy Development Agency has signed a performance-based Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy.
- As per the MoU, the Government of India has set a Revenue from Operations target for IREDA, of ₹ 4,350 crores for the financial year 2023-24 and ₹ 5,220 crores for 2024-25.