IREDA subsidiary to provide cheap loans on EVs, solar panels

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The Indian Renewable Energy Development Agency Limited (IREDA) is currently focused on expending scope of rooftop solar installations and electric vehicles (EVs) in the country. For this purpose, IREDA has planned to establish a subsidiary company very soon. These remarks were made by IREDA’s CMD, Pradeep Kumar Das, during a program.

Das mentioned IREDA’s future plans are to fulfill the needs of retail sectors. He explained how the PSU will help increase retail projects of rooftop solar system providers. The PSU also envisages to increase scope of PM-KUSUM and expand electric vehicles’ market share. He also discussed the use of emerging technologies such as green hydrogen, and wind energy, among various renewable energy technologies. During the program, Das also praised IREDA’s efforts over the past three years in reduction of Non-Performing Assets (NPAs) by addressing borrowers’ concerns and improved transparency. He also discussed IREDA’s efforts to enhance its participation in addressing challenges faced by MSMES.

Agreement with PNB:

IREDA has entered into an agreement with Punjab National Bank to meet the financial requirements of renewable energy projects across the country. According to exchange filings, the aim of the deal is to improve developer access to finance in this crucial sector.