IREDA Takes Steps Toward Retail Renewable Energy Expansion

Indian Renewable Energy Development Agency (IREDA) has received approval to establish a wholly-owned subsidiary to focus on retail and B2B business in renewable energy. The move aims to expand into areas like EVs, energy storage, and sustainability, offering innovative financing options to both urban and rural consumers.

The Indian Renewable Energy Development Agency (IREDA) has secured approval from the Department of Investment and Public Asset Management (DIPAM) to form a new subsidiary dedicated to retail and B2B services in the renewable energy sector.

This strategic move will allow IREDA, a non-banking financial institution under the Ministry of New and Renewable Energy, to delve into emerging renewable energy areas such as electric vehicles, energy storage, and sustainable technologies.

The new subsidiary will also address consumer needs through the PM-Suryaghar (Rooftop Solar) and PM-KUSUM schemes, providing innovative financing for both urban and rural markets. As IREDA reported a 36% profit rise in the latest quarter, CMD Pradip Kumar Das emphasized the agency’s commitment to sustainable energy solutions.

(With inputs from agencies.)