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The Reserve Bank of India (RBI) granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA) , a company statement said. It was earlier classified as an ‘Investment and Credit Company (ICC)’.
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Significance of the infra finance company status:
- 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.
Role of the Indian Renewable Energy Development Agency (IREDA):
It has been promoting, developing and financing new and renewable sources of energy with the motto: Energy for Ever since 1987.
It finances all RE technologies and value chains such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies.
Chairman and Managing Director of IREDA: Pradip Kumar Das.
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