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REDA gets ‘Infrastructure Finance Company’ status from RBI

in National March 13, 2023 Comments Off on REDA gets ‘Infrastructure Finance Company’ status from RBI 461 Views

Newdelhi:13/3/23:The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA) today. It was earlier classified as ‘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 wider investor base for fund mobilisation, resulting in competitive rates for fund raising.

The recognition of IREDA as an IFC will increase the investors’ confidence, enhance the brand value, and generate 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 Govt. of India’s target of 500 GW installed capacity of non-fossil fuels by 2030.

Shri 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 for development of RE sector.”

IREDA 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 chain such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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