Ireda Raises Rs 1,500 Crore, Boosting India's Green Energy

Ireda, the Indian Renewable Energy Development Agency, successfully raised Rs 1,500 crore through an oversubscribed bond issue. The funds, with an annual interest rate of 7.44% for a tenure of 10 years and 2 months, will support green energy projects and contribute to India's renewable energy goals.

State-owned Indian Renewable Energy Development Agency (Ireda) announced on Friday that it has successfully raised Rs 1,500 crore through a bond issue, which was oversubscribed by 2.65 times. The bonds included a base issue of Rs 500 crore along with a green shoe option of Rs 1,000 crore, and received an overwhelming response from investors.

The bond issuance was completed at an annual interest rate of 7.44 percent with a tenure of 10 years and 2 months, according to a company statement. Ireda Chairman and Managing Director Pradip Kumar Das remarked, ''The oversubscription by 2.65 times underscores the trust and confidence that investors have in Ireda's vision and its crucial role in driving the renewable energy growth in the country.''

Das added that the successful capital raise will enable the company to further escalate its efforts in financing green energy projects, aligning with India's objective of achieving 500 GW of non-fossil fuel installed capacity by 2030.