New Delhi: On Thursday, the board of the state-owned Indian Renewable Energy Development Agency (IREDA) approved a plan to raise Rs 4,500 crore in funds.
According to a filing by IREDA, the funds will be raised in one or more stages through various methods such as a Follow-on Public Offer (FPO), Qualified Institutional Placement (QIP), rights issue, preferential issue, or other approved modes, pending official clearances. The specific type and amount of securities to be issued will be determined at a later stage.
IREDA, which operates under the Ministry of New & Renewable Energy, is focused on providing financial assistance primarily for renewable energy projects. This fundraising effort is crucial as India aims to achieve 500 GW of renewable energy capacity by 2030, requiring the addition of approximately 50 GW annually to meet this goal.
FIRST Business Portal addressing the potential of business capability of North East Region.
