India Renewable Energy Development Agency

What India Renewable Energy Development Agency does

IREDA (legal name: Indian Renewable Energy Development Agency Limited) is a Navratna Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE), established in 1987 as a Non-Banking Financial Institution. It was notified as a Public Financial Institution in 1995, registered with the RBI in 2008, reclassified as an Infrastructure Finance Company in 2023, and listed on BSE/NSE via IPO in November 2023 with the Government of India retaining ~71.76% ownership. IREDA operates as India's largest pure-play green finance institution, extending term loans, bridge finance, and viability gap funding to renewable energy project developers, equipment manufacturers, and government counterparties across solar, wind, hydro, biomass, waste-to-energy, energy efficiency, and emerging technologies including battery storage, green hydrogen, and electric mobility.

The company's product platform spans seven core financing verticals (Wind, Solar, Hydro, Bio Energy, Waste-to-Energy, Energy Efficiency & Conservation, and Compressed Bio-Gas) plus four add-on modules (EV, Smart Metering/AMI, BESS, Green Hydrogen) and transmission line financing, with loan quantum up to 90% of project cost and tenors up to 25 years. Its Credit Risk Rating System (CRRS) drives risk-based differential pricing, while an Online Loan Application Portal and Customer Portal handle digital origination and servicing. Loan origination is sales-led via headquarters and regional branches (Chennai, Hyderabad, Mumbai, Bhubaneswar, Guwahati), with cross-border activity executed through its wholly-owned GIFT City subsidiary IGGEFIL.

IREDA's revenue model is primarily spread-based: interest income on a loan book that crossed Rs 93,000 crore in FY26 (up 22% YoY), supplemented by processing fees, commitment charges, and nodal agency fees for administering MNRE schemes (GBI, PM-KUSUM, CPSU, PLI). Capital is sourced through domestic bonds, ECBs (including a JPY 28 billion SMBC facility), multilateral lines from ADB/World Bank/KfW/JBIC/Green Climate Fund, and equity (QIP approved for up to Rs 2,994 crore). FY26 total operating income was Rs 8,337 crore (+23% YoY) with PAT of Rs 1,873 crore and net worth of Rs 13,781 crore; cumulative sanctions stood at Rs 2,89,799 crore and disbursements at Rs 1,91,030 crore supporting 29.37 GW of installed renewable capacity.

Name

India Renewable Energy Development Agency

Legal name

Indian Renewable Energy Development Agency Limited

Website

https://ireda.in

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

101–250 employees

Short description

IREDA is a Navratna Government of India NBFC under MNRE that provides long-term project loans and financing schemes for renewable energy developers, manufacturers, and government entities across solar, wind, hydro, bioenergy, and emerging clean technologies in India.

Ownership category

akta.pro rank

Product category

Renewable Energy Project Financing

NAICS

Credit Intermediation and Related Activities (522)

SIC

Miscellaneous Business Credit Institution (6159), Finance Services (6199)

akta.pro primary industry

Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD)

akta.pro secondary industry

Incentives, Grants & Program Administration (Auctions, Tenders, IRA/ITC/PTC Advisory) (EUAMAAAJ)

Keywords

• Renewable energy financing
• Green energy loans
• Solar project financing
• Wind energy lending
• Infrastructure finance

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Interest Income on Loans: IREDA's primary revenue stream is interest income generated from its loan portfolio. The company provides term loans to renewable energy projects and charges interest rates that vary based on the project's credit risk rating, sector, and tenor. The loan book crossed Rs 93,000 crore in FY26.
2. Processing and Other Fees: The company generates fee income through loan processing charges, commitment fees, and other ancillary charges related to loan origination and administration.
3. GBI/Bridge Loan Administration: IREDA acts as a nodal agency for disbursement of Generation Based Incentive (GBI) claims under MNRE schemes, providing bridge loans against GBI claims payable to renewable energy developers.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

IREDA provides term loans and project finance for renewable energy and energy efficiency projects in India. It extends debt financing across solar, wind, hydro, bioenergy, waste-to-energy, and emerging clean tech sectors, and also acts as a nodal agency for disbursing government incentive schemes such as PM-KUSUM, CPSU Scheme, GBI, and PLI.

Product overview

India Renewable Energy Development Agency (IREDA) operates as a specialized Navratna Government of India Enterprise providing comprehensive financial products for India's renewable energy sector. The company's portfolio consists of core financing products across seven renewable energy verticals—Wind Energy, Solar Energy, Hydro Energy, Bio Energy, Waste to Energy, Energy Efficiency & Conservation, and Compressed Bio-Gas—supplemented by add-on financing modules for emerging technologies including Electric Mobility, Smart Metering, Battery Energy Storage Systems, and Green Hydrogen. IREDA also finances transmission line infrastructure to support renewable energy evacuation. The company maintains an online loan application portal and customer portal for digital service delivery, and operates through its wholly-owned subsidiary IGGEFIL (IREDA Global Green Energy Finance IFSC Ltd.) based at GIFT City for international green energy financing operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Wind Energy Financing Long-term project financing for wind farm development including turbine installation, with loan quantum up to 75% of project cost and repayment periods up to 25 years. Targeted at wind power project developers and operators.
• Solar Energy Financing Financing for ground-mounted and rooftop solar PV projects, including solar thermal technologies and floating solar installations, with loan support up to 80% of project cost. For solar project developers, manufacturers, and operators.
• Hydro Energy Financing Financing for Small Hydro Projects (SHP) up to 25 MW capacity, including hill stream projects, canal-based hydro, and dam toe hydro installations. Targeted at small hydro project developers.
• Bio Energy Financing Comprehensive financing for biomass power generation, biomass cogeneration, and bio fuel/bio diesel projects including ethanol production from sugar, starch, and cellulose-based feedstocks. For biomass power developers and biofuel producers.
• Waste to Energy Financing Financing for biogas generation, municipal solid waste-based power generation, and manufacturing of biomass pellets, briquettes, torrefied pellets, and RDF. Targeted at waste-to-energy project developers.
• Energy Efficiency & Conservation Financing Financing for industrial energy efficiency projects including equipment replacement, process modification, waste heat recovery, ESCO projects, and demand side management initiatives. For industrial and commercial entities pursuing efficiency improvements.
• Compressed Bio-Gas (CBG) Financing Financing for CBG plants under the SATAT scheme, utilizing agricultural residue, cattle dung, and organic waste for producing renewable automotive fuel. Targeted at CBG plant developers.
• Electric Mobility (EV) Financing Financing for EV fleet projects, EV manufacturing facilities, and charging infrastructure with loan quantum up to 80% for fleet and charging infrastructure, and 70% for manufacturing. For EV operators, manufacturers, and charging infrastructure developers.
• Smart Metering/AMI Financing Financing for advanced metering infrastructure projects including smart meters with prepaid functionality and two-way communication capabilities for distribution utilities and DISCOMs.
• Battery Energy Storage Systems (BESS) Financing Financing for BESS projects including grid-connected applications, renewable energy integration, peak management, and rural electrification via solar microgrids. For storage project developers and utilities.
• Green Hydrogen & Derivatives Financing Term loan assistance up to 70% of eligible project cost for green hydrogen production via electrolysis or biomass conversion, and derivatives like green ammonia and green methanol. For hydrogen project developers.
• Transmission Line Financing Financing for power transmission system projects supporting evacuation of renewable energy from generation stations to load centers through intra-state and inter-state transmission systems. For transmission infrastructure developers and utilities.
• IREDA Global Green Energy Finance IFSC Ltd. (IGGEFIL) Wholly-owned subsidiary based at GIFT City providing international green energy financing, having sanctioned its first $22.5 million loan for a 100 MW solar project in Zambia. For overseas renewable energy developers and projects.

Quantifiable outcome

• Supported RE capacity installation of over 29.37 GW
• +3 more outcomes

Named customers6 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Godrej IndustriesminorOthersCo-issuer in bond market revival; IREDA raised Rs 1,500 crore at 7.34% yield alongside other issuers in the bond market.
• Embassy Office Parks REITminorOthersCo-issuer in bond market revival; Embassy raised Rs 700 crore at 7.49% yield alongside IREDA and other entities.
• India InfradebtminorOthersCo-issuer in bond market revival; India Infradebt raised Rs 965 crore at 7.92% yield alongside other issuers.
• Ministry of New & Renewable Energy (MNRE)coreStrategic or Co-development PartnerIREDA operates under the administrative control of MNRE as a Navratna government enterprise. MNRE sets policy direction and IREDA acts as the nodal agency for implementing various government renewable energy schemes including GBI, PM-KUSUM, and CPSU Scheme.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Power Finance Corporation: Power Finance Corporation is a Government of India NBFC and infrastructure finance company that lends to the power sector including renewable energy projects. It is IREDA's closest domestic peer given similar PSU NBFC model, government ownership, and overlap in RE financing.
• REC Limited: REC (formerly Rural Electrification Corporation) is a Maharatna PSU NBFC financing power generation, transmission, and distribution projects including renewables. Comparable to IREDA as a government-owned infrastructure financier competing for the same RE lending opportunities.
• India Infrastructure Finance Company Limited (IIFCL): IIFCL is a Government of India NBFC providing long-term debt for infrastructure projects including renewable energy. It directly competes with IREDA for large-ticket RE and transmission financing mandates.
• Tata Cleantech Capital: Tata Cleantech Capital is a private-sector NBFC focused on clean energy and resource efficiency project financing. It competes with IREDA on renewable energy developer loans and brings private-sector speed and pricing flexibility.
• L&T Finance Holdings: L&T Finance Holdings operates a renewable energy and infrastructure finance vertical offering project loans, supply chain financing, and emerging tech loans. It is a meaningful private-sector competitor to IREDA in RE project finance.

Broad incumbents

• Green Investment Group (Macquarie): Macquarie's Green Investment Group is a global green infrastructure developer, investor, and financier. It is comparable to IREDA in renewable energy project finance and asset ownership globally, though operating as a private-sector platform.
• International Finance Corporation (IFC): IFC is the World Bank Group's private-sector development finance arm and a major financier of renewable energy projects in emerging markets including India. Comparable in cross-border green financing capability and concessional funding access.
• State Bank of India (SBI): SBI is India's largest commercial bank with a substantial renewable energy lending book and PSL-driven RE exposure. It is a broad incumbent that competes with IREDA for large RE developer loans.

Emerging players

• National Investment and Infrastructure Fund (NIIF): NIIF is a Government of India-backed infrastructure investment platform that has launched clean energy-focused funds. It is an emerging player with increasing overlap in renewable energy debt and equity financing in India.
• Masdar (Abu Dhabi Future Energy Company): Masdar is a UAE-based global renewable energy developer and financier with active investments in Indian RE projects. It is comparable as a sovereign-backed green financier operating cross-border in markets IREDA's IGGEFIL is now entering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/IREDALtd
• Facebookfacebook.com/IREDALimited
• LinkedInlinkedin.com/company/ireda-ltd.

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about India Renewable Energy Development Agency