About the Organisation

The Indian Renewable Energy Development Agency Limited (IREDA) was set up in 1987 under the administrative control of the Ministry of New and Renewable Energy (MNRE), taking into account the limitations of conventional banking approach and to accelerate the momentum of development and large-scale utilisation of renewable energy sources and to promote, develop and finance such technologies.

IREDA's key objectives are:

• to operate a revolving fund for the development and deployment of new and renewable sources of energy;

• provide financial support to specific projects and schemes for generating electricity and energy through new and renewable sources and for conserving energy through energy efficiency;

• bring down the cost of renewable power; and

• strive for improvement in customer satisfaction.

Operations

IREDA's active objectives are to extend financial support to manufacturers and users, promote renewable energy and energy efficiency, act as a financial intermediary and assist in rapid commercialisation of renewable energy. By financing new ventures in renewable energy, IREDA helps create performance track records for good energy technologies, facilitating their transition from novelty to mainstream status.

The Future

IREDA Vision 2012 envIsions to sanction Rs 14,890 crore and disburse Rs 8,360 crore, which would assist in adding 4,000 MW of power besides replacing as much as 2 lakh metric tonnes of coal annually. To engineer energy solutions and energy security in the future, IREDA has formulated some new initiatives: energy efficiency and conservation, consultancy, market development, reaching out to remote areas, energy centres and capacity building. After all, IREDA's motto is “Energy For Ever.”