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Tag: Shri Pradip Kumar Das

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IREDA to Invest Rs. 290 Crore in Nepal 900 MW Hydro Projects

Jul 18, 2024 by Mansi 0 Comments #GMR, #Hydro Projects, #IREDA, #Nepal Electricity Authority, #Shri Pradip Kumar Das

Mumbai, 18th July 2024

Indian Renewable Energy Development Agency Limited (IREDA) has decided to invest in a 900 MW Hydroelectric power project in Nepal. The approximately Rs. 290 Crore investment will secure IREDA up to 10% shareholding in GMR Upper Karnali Hydro Power Limited, Nepal and Karnali Transmission Company Pvt. Ltd., Nepal.

This strategic move, in collaboration with SJVN Limited, aims to support the setting up the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal. The project will proceed subject to approval from the Government of India and other regulatory authorities. The Board of Directors of IREDA in its meeting held yesterday gave in-principle approval for this equity investment.

Shri Pradip Kumar Das, Chairman & Managing Director, IREDA, said, “This strategic investment aligns with our commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector. The 900 MW project is a significant step towards harnessing Hydropower potential in Nepal, contributing to regional energy security and sustainable development.”

GMR and the Nepal Electricity Authority, Government of Nepal, are the existing shareholders in M/s. GMR Upper Karnali Hydro Power Limited, Nepal. The inclusion of IREDA and SJVN Limited in the project underscores a strong regional collaboration aimed at enhancing renewable energy capacity and ensuring energy independence.

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IREDA Q1 Results: Reports 32% Revenue Growth, Net Profit Jumps 30%

Jul 13, 2024 by Mansi 0 Comments #CPSE, #IREDA, #Profit Jumps 30%, #Revenue Growth, #Shri Pradip Kumar Das

Mumbai, 13th July 2024

Indian Renewable Energy Development Agency Ltd. (IREDA) announced its audited financial results for the first quarter of fiscal year 2024-25 today. As the largest Pure-Play Green Financing NBFC in the country, IREDA achieved a new industry standard by publishing its Audited Financial Results within only 12 days. This milestone also marks IREDA as the first Central Public Sector Enterprise (CPSE) to promptly declare results and achieve the fastest publication of Audited Results in the Banking and NBFC space.

IREDA has achieved Profit After Tax of Rs. 383.69 crore, marking an impressive year-on-year growth of 30.25%. The company has successfully reduced its Net Non-Performing Assets to 0.95% in the first quarter of FY 2024-25 from 1.61% in the same quarter of FY 2023-24.

During a meeting held today in Bhubaneswar, Odisha, the Board of Directors of IREDA commended the company’s exceptional performance and sustained growth, approving the Audited Financial Results for the first quarter of FY 2024-25. The company’s net worth as of 30th June 2024 has reached Rs. 9,110.19 crore, up from Rs. 6,290.40 crore, reflecting a YoY growth of 44.83%.

Key financial highlights for Q1, FY 2024-25 compared to Q1, FY 2023-24 are as follows:

· Profit After Tax: Rs. 383.69 crore as against Rs. 294.58 crore (up by 30.25%)

· Revenue from Operations: Rs. 1.501.71 crore as against Rs. 1,143.50 crore (up by 32.11%)

· Loan Sanction: Rs. 9,210.22 as against 1,892.45 crore (up by 386.68%)

· Loan Disbursement: Rs. 5,325.88 crore as against 3,173.27 crore (up by 67.84%)

· Loan Book: Rs. 63,206.78 crore as against Rs. 47,206.66 crore (up by 33.89%)

· Net-worth: Rs. 9,110.19 crore as against Rs. 6,290.40 crores (up by 44.83%)

· Net NPAs: 0.95% as against 1.61% (reduction by 41.01% in percentage terms)

Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his happiness at the remarkable financial results. He emphasized IREDA’s steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.

CMD, IREDA attributed the company’s growth to unwavering trust and support of stakeholders. He extended gratitude to Shri Pralhad Joshi, Hon’ble Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shri Shripad Naik, Hon’ble Minister of State for Power and New & Renewable Energy; Secretary, MNRE and the Board of Directors for their crucial support and guidance. He also commended Team IREDA for their dedication and persistent efforts, which significantly contributed to the outstanding financial performance.

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CMD, IREDA Meets CM and Dy CM of Odisha to Boost Green Energy Financing

Jul 3, 2024 by Sujata 0 Comments #Green Energy, #IREDA, #Shri Pradip Kumar Das

Mumbai, 3rd July 2024 : Shri Pradip Kumar Das, Chairman & Managing Director, Indian Renewable Energy Development Agency Ltd. (IREDA), met with the Hon’ble Chief Minister of Odisha, Shri Mohan Charan Majhi and Hon’ble Deputy Chief Minister, Shri Kanak Vardhan Singh Deo in Bhubaneswar today. The meetings focused on IREDA’s pivotal role in renewable energy financing and its commitment to sustainable development.

CMD and DF with CM

During the discussion, Shri Das emphasized IREDA’s significant contributions to renewable energy project financing across the country. He elaborated on the company’s initiatives aimed at promoting clean energy and explained how IREDA can further support Odisha in tapping its renewable energy potential through financing. The state’s green energy goals were a key focus of the conversation, particularly the opportunities in areas such as Hydro, Floating Solar, Solar component manufacturing, Green Hydrogen, and Green Ammonia, etc.

The Hon’ble Chief Minister and Deputy Chief Minister commended IREDA’s remarkable growth and acknowledged its position as the largest financing company dedicated to green energy development. Shri Deo also holds the charge of the Energy Department.

Dr. Bijay Kumar Mohanty, Director (Finance), also participated in the discussions, underscoring IREDA’s commitment to support fastest renewable energy development in the country.

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CMD, IREDA Shares Insights at World Future Energy Summit 2024

Apr 20, 2024 by Sujata 0 Comments #CMD, #IREDA, #MTPA, #Shri Pradip Kumar Das, #World Future Energy

Mumbai, 20th April 2024 Indian Renewable Energy Development Agency Ltd. (IREDA) has inaugurated an office in GIFT City, Gandhinagar, specializing in the provision of Foreign Currency- denominated debt options which will significantly reduce the financing costs associated with Green Hydrogen and Renewable Energy Manufacturing projects, facilitating natural hedging, and thereby accelerating the country’s journey towards a greener future. The strategic initiative was highlighted by Shri Pradip Kumar Das, Chairman & Managing Director of IREDA during a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage” at the World Future Energy Summit 2024 in Abu Dhabi today.

Team IREDA_exhibition pavilion

 In his address, Shri Das emphasized the critical role that energy storage will play in achieving the National Green Hydrogen Mission’s ambitious target of over 5 million metric tons per annum (MTPA) Hydrogen production by 2030. He highlighted several key priorities for advancing storage technologies.

 Shri Das stressed the need to enhance research and development efforts to improve the cost-effectiveness and performance of energy storage solutions. Implementing policies that strengthen the supply chain network is essential for the successful deployment of energy storage technologies. Providing competitive and tailored financial solutions will encourage investment in energy storage projects.

 India has taken proactive steps in this direction, including the formulation of a storage requirement roadmap up to 2047, technology-agnostic storage tenders, and supportive government interventions for battery manufacturing and pumped storage hydropower.

The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs. 3.5 lakh crore. IREDA has consistently been at the forefront of renewable energy financing through the provision of innovative products for emerging technologies at competitive rates and is fully prepared to support the deployment of energy storage technologies in India.