State-owned Indian Renewable Energy Development Agency (IREDA) on Monday (13th March 2023) said it has received Infrastructure Finance Company status from the Reserve Bank of India.

* The Reserve Bank of India (RBI) granted an 'Infrastructure Finance Company (IFC)' status to Indian Renewable Energy Development Agency (IREDA) on Monday, a company statement said.

* 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 mobilisation, resulting in competitive rates for fundraising.

* The recognition of IREDA as an IFC will increase the investors' confidence, enhance the 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, IREDA will keep contributing towards the government target of 500 GW installed capacity of non-fossil fuels by 2030.

* 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".

* It has been promoting, developing and financing new and renewable sources of energy with the motto: Energy for Ever since 1987..

Source : Business Standard