IREDA plans to raise Rs 4,500 crore to boost renewable energy

The Indian Renewable Energy Development Agency (IREDA) on Wednesday announced that it will consider raising up to 45 billion rupees through an equity issue.

The board meeting scheduled for August 29 will be held to discuss multiple avenues for raising funds, including further public offering (FPO), qualified institutional placement (QIP), rights issue, preferential issue or other approved methods subject to regulatory or government approvals, according to BSE filings.

Working under the Ministry of New and Renewable Energy, IREDA primarily provides financing for renewable energy projects. Fundraising is crucial as India aims for 500 GW of renewable energy by 2030, which requires adding about 50 GW annually to achieve this ambitious target.

(Based on information from the agency.)