In Short : Innovative financing solutions are essential for advancing wind energy adoption. Addressing financial challenges will facilitate the deployment of wind power projects, support infrastructure development, and promote the transition to renewable energy sources.
In Detail : Marking Global Wind Day, the Ministry of New & Renewable Energy hosted a panel discussion highlighting IREDA’s innovative financing solutions for wind energy adoption in India
Participating in a panel discussion hosted by the Ministry of New & Renewable Energy, Pradip Kumar Das, Chairman & Managing Director of Indian Renewable Energy Development Agency Ltd. (IREDA), dwelled upon India’s energy transition journey and the pivotal role of IREDA in promoting the adoption of renewable energy with several innovative financial products.
Among these, he highlighted Project Specific Funding for EPCs, manufacturers, and Suppliers, Guarantee Assistance schemes, and one-stop solutions like Letters of Comfort and Payment on Order Instruments, which have significantly reduced the turnaround time for project developments.
As the leading pure-play Green Financing NBFC in the country, IREDA plays a crucial role in providing cost-effective financing to players across the installation and development value chain of RE projects. Its dedicated efforts to expedite the processing and disbursement of loans have not only led to the early commissioning of RE projects but also a significant reduction in financing costs.
Das highlighted the success of IREDA’s corporate governance practices, which have resulted in a substantial reduction in net NPAs from 7.18 percent to as low as 0.99 percent in the last four years. He encouraged industry participants to follow suit and optimise their processes and procedures to ensure effective risk mitigation in the Renewable Energy development in India.
