IREDA bond issue raised Rs 1,500 crore, oversubscribed 2.65 times, ET EnergyWorld

New Delhi: The Indian Renewable Energy Development Agency (IREDA) today raised Rs 1,500 crore through a bond issue that was oversubscribed by 2.65 times. The issue included a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore.

Secured at an annual interest rate of 7.44% for a period of 10 years and 2 months, the funds will support the financing of green energy projects across the country.

Pradip Kumar Das, Chairman and Managing Director, IREDA, commented on the success of the issuance, saying, “We are pleased with the overwhelming response to our bond issuance. The 2.65 times oversubscription highlights the confidence investors have in IREDA’s vision and its key role in driving renewable energy growth in the country. This successful capital raise will enable us to further strengthen our efforts in financing green energy projects, contributing to India’s goal of achieving a non-fossil fuel installed capacity target of 500 GW by 2030.”

The funding is expected to significantly enhance IREDA’s capacity to support the country’s renewable energy sector.