New Delhi: A top official of the Indian Renewable Energy Development Agency (IREDA) announced on Monday that IREDA aims to secure approximately Rs 25,000 crore through debt and Rs 4,500 crore through equity in the current fiscal year. Pradeep Kumar Das, the chairman and managing director of the company, mentioned that IREDA had presented a preliminary Green Taxonomy to the Ministry of New & Renewable Energy (MNRE) around eighteen months ago, and it is currently in a highly developed phase.
Firstly, we are requesting permission from the government to decrease their ownership stake by a maximum of 10 percent through natural means. Das mentioned during the CII Financing Summit 3.0 that the government will make the ultimate decision on that matter. He mentioned that the company is assured due to the specific equity requirement and sector expectations, estimating Rs 4,500 crore by January-February to maintain a sufficient loan book and crucial capital adequacy ratio.
He added that IREDA anticipates being included in the roster of companies permitted to raise funds through bonds covered by 54EC of the Income Tax Act, with the specific amount of funds yet to be determined. Last week, S&P Global Ratings Limited gave IREDA long-term rating of 'BBB-' and short-term rating of 'A-3', with a 'Stable' Outlook, allowing the company to grow internationally by accessing favorable funding sources and backing its borrowing strategy.
Das emphasized the significance of both obtaining and retaining the agency's rating by stating, "Maintaining the rating is just as crucial as achieving it." "We are approaching it in a very responsible manner."
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