CCEA approves Rs 1,500 cr infusion in IREDA

The government on Wednesday approved the equity infusion of Rs 1,500 crore in Indian Renewable Energy Development Agency (IREDA) to enable it to lend Rs 12,000 crore to green energy projects.

IREDA, a mini ratna company under the administrative control of the new and renewable energy ministry was set up in 1987 to work as a specialised non-banking finance agency for the renewable energy sector.

The equity infusion, approved by the Cabinet Committee on Economic Affairs, will enable IREDA to facilitate the debt requirement of additional renewable energy generation capacity of about 3,500-4,000 Mw, an official statement said.