Indian Renewable Energy Development Agency signs MoU with ministry, setting annual performance target

New Delhi [India], January 20 (ANI): The Indian Renewable Energy Development Agency (IREDA) on Friday signed a memorandum of understanding (MoU) with the ministry of new and renewable energy (MNRE) for setting the annual performance target for the year 2022-23.

The government has set a target of Rs 3,361 crore for revenue from operations, up by 18 per cent from the previous year’s achievement, for 2022-23. According to a statement from the ministry of new and renewable energy, the government has also set various performance-related key parameters such as return on net worth, return on capital employed, non-performing asset NPA to total loans, asset turnover ratio and earning per share, among others. The agreement was signed by Bhupinder Singh Bhalla, Secretary, MNRE, and Pradip Kumar Das, Chairman and Managing Director (CMD), IREDA, on Friday in the presence of senior officials from MNRE and IREDA.

Pradip Kumar Das highlighted that IREDA has been delivering exemplary performances for the previous two financial years and is fully geared to meet these targets, according to the statement. IREDA posted 67 per cent jump in profit after tax (PAT) in the second quarter of the fiscal 2022-23, against the corresponding period during 2021-22. Most importantly, net NPAs have been reduced from 4.87 per cent to 2.72 per cent in the second quarter, against the corresponding period during FY 2021-22.

According to the statement, the company has demonstrated exceptional performance by securing 96.54 marks for the MoU of FY 2021-22. The company, as on date, has financed more than 3,068 renewable energy projects loan accounts with cumulative loan sanction and disbursement to the tune of Rs 1,41,622 crore and Rs 90,037 crore, respectively, and has supported renewable Energy capacity addition of 19,502 megawatt (MW) in the country.