IREDA inks MoU with CIPET for Solarization of CIPET academic campuses

Indian Renewable Energy Development Agency Ltd. (IREDA) today signed a Memorandum of Understanding (MoU) with the Central Institute of Petrochemicals Engineering & Technology (CIPET), to provide its techno-financial expertise for solarization of CIPET campuses. The two organisations are under the Ministry of New & Renewable Energy and the Ministry of Chemicals and Fertilizers, respectively.

The MoU was signed by Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA and Prof. (Dr.) Shishir Sinha, Director General, CIPET in the presence of senior officials.

Under the MoU, IREDA will help CIPET to solarize its numerous academic campuses by installing solar PV or Rooftop Solar projects. The project is most likely to begin at CIPET’s Varanasi, Ayodhya (Uttar Pradesh) and Bidar (Karnataka) campuses. CIPET will be able to lower its electricity expenditure and reduce its carbon footprint by installing solar power plants at its academic campuses.

Speaking on the collaboration, Shri Pradip Kumar Das, CMD, IREDA said, “We are happy to cooperate with a premier national institution in their drive of adoption of a clean energy solution. The agreement is expected to bring in best practises by combining the experience of both organisations and to advance the Hon’ble Prime Minister’s vision for the country’s long-term growth through green energy. The Govt. of India aims to source 50% of its energy from Renewable sources, and these partnerships will help us accomplish the goal.

IREDA established a specialised Business Development and Consultancy division one and a half years ago to meet the growing demand in the RE industry. This is the eighth MOU inked by IREDA in the last 16 months to provide consultation services for the sustainable development of the country. SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, and GSL had already signed MoUs with IREDA to enhance its Techno-Financial expertise for Green Energy projects.

For the overall growth of the RE sector, IREDA plans to expand its consultancy services to other PSUs and private organisations.           



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IREDA Registers Record Profit in Covid Year

Public Sector Indian Renewable Energy Development Agency (IREDA) under Ministry of New and Renewable Energy reported an all-time high annual Profit Before Tax (PBT) of 570 crore rupees in the financial year 2020-21 that was severely affected by Covid 19 Pandemic. The PBT of the company was Rs. 241 crores during FY 2019-20. The company has posted Profit After Tax (PAT) of Rs. 346 crores as against Rs. 215 crores in the last financial year, registering a massive growth of 61%.

The Board of Directors of IREDA approved the Audited Financial Results for Financial Year 2020-21 in a meeting held today while lauding the company’s all-round improvement under challenging conditions.

The Loan Book of IREDA, a NBFC, has grown from Rs. 23,548 as on 31st March 2020 to Rs. 27,854 crores as on 31st March 2021. The loan disbursement of Rs. 8827 crore is the second highest in the company’s history. The net-worth of the company as on 31st March 2021 has reached Rs. 2995 crores as against Rs. 2521 crores on 31st March 2020.

 The annual financial highlights for the FY 2020-21 as against FY 2019-20 are as follows:

  • Profit Before Tax- Rs. 570 crores as against Rs. 241 crores, up by 136% (All-time high)
  • Profit After Tax- Rs. 346 crores as against Rs. 215 crores (up by 61%)
  • Loan Disbursement- Rs. 8827 crores as against Rs. 8785 crores, (2nd highest ever)
  • Loan Book- Rs. 27854 crores as against Rs. 23548 crores, (Annual growth: 2nd highest ever)
  • Net-worth- Rs. 2995 crore as against Rs. 2521 crore, (up by 19%)
  • Net NPA reduction- 5.61% as against 7.18% (reduction by 22%)

On this occasion, Shri Pradip Kumar Das, Chairman & Managing Director, IREDA said that the remarkable achievements of FY 2020-21 would not have been possible without Govt. of India’s active support and guidance. He conveyed his sincere gratitude to Shri R K Singh, Hon’ble Union Minister of Power, New and Renewable Energy for his continuous guidance and facilitation. Shri Das also placed on record the gratitude of the company for the abiding support received from Secretary, MNRE, Board of Directors and Senior Officials of MNRE. The CMD lauded the dedicated team of employees of IREDA for their commitment and efforts that made the high level of results possible.



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IREDA and NHPC vaccinate over 300 employees

A two day free COVID vaccination camp was jointly organised by Indian Renewable Energy Development Agency Ltd. (IREDA) and NHPC Ltd central Public Sector Undertakings under Ministry of Power for the 18-44 age group employees on 7th and 8th May at IREDA’s Corporate Office, New Delhi.

This was done in line with the direction of Shri R.K. Singh, Hon’ble Minister of State (Independent Charge) for Power and New & Renewable Energy & Minister of State for Skill Development and Entrepreneurship. A total of 317 employees from IREDA, NHPC, Ministry of Power, Ministry of New & Renewable Energy, MHA, PFC, REC, BHEL, BBMB, MMTC, NEEPCO, PTC, NSPCL and CEA got vaccinated in this camp with the objective and fulfilling to rapidly immunise all eligible employees amid the second wave of infections. All the safety protocols were followed during the Vaccination camp. On this occasion, Shri Pradip Kumar Das, CMD, IREDA underlined that “this is an effort to ensure protection and confidence so as to enable a healthier workforce. This will help safe return to normal life resulting in faster economic recovery. Shri Das thanked NHPC and Apollo Hospital for their collaboration and support.

IREDA has taken several initiatives to contain the first and second waves of COVID-19. It has constituted an exemplary ‘COVID Care Response Team’. that is continuously taking care of COVID-19 positive employees and their family members starting from June 2020. The Team has so far helped 77 employees, 27 families of employees, and 17 other individuals by regularly counselling them and also providing them all necessary support including regular delivery of food and medicines, hospitalization, plasma donation, Oxygen Concentrator etc. 

The vaccination drive was carried out for the safety of power sector personnel so that the critical need of uninterrupted power supply on 24×7 basis is ensured.



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