IREDA Eyes Rs 4,500 Crore Fundraise to Boost Renewable Energy

The Indian Renewable Energy Development Agency Ltd (IREDA) aims to raise up to Rs 4,500 crore through the issuance of shares. The funds will support renewable energy projects, aligning with India's goal of achieving 500GW renewable energy by 2030.

The Indian Renewable Energy Development Agency Ltd (IREDA) announced on Wednesday that it will consider raising up to Rs 4,500 crore through the issuance of shares.

The board meeting slated for August 29 will deliberate on multiple fundraising avenues, including Further Public Offer (FPO), Qualified Institutional Placement (QIP), Right Issue, Preferential Issue, or any other approved methods, subject to statutory or government approvals, as per a BSE filing.

Operating under the Ministry of New & Renewable Energy, IREDA provides finance primarily for renewable energy projects. The fundraise is critical as India targets 500GW of renewable energy by 2030, requiring an annual addition of about 50GW to meet this ambitious goal.

(With inputs from agencies.)