IREDA Approves First Loan of Rs 58 Cr Under KUSUM- B Scheme

Indian Renewable Energy Development Agency Limited (IREDA) has officially launched its retail division with a strong focus on extending loans to beneficiaries under the PM-KUSUM scheme, Rooftop Solar installations, and various Business-to-Consumer (B2C) segments.

IREDA's retail division kicked off its operations on December 5, 2023, indicating a smart step to reinforce IREDA's dedication to offering financial assistance in crucial renewable energy sectors. This revelation came from Pradip Kumar Das, IREDA's Chairman and Managing Director, at the Leaders’ Dialogue addressing "Actioning Solutions for Global Sustainable Development and Governance of Resources." This event took place as part of COP28 in Dubai on December 7, 2023, with organization credits to CEEW & CII.

Shortly after its launch, IREDA's Retail division promptly approved its inaugural loan, totaling Rs. 58 crores under KUSUM-B. This shows that IREDA is committed to being the go-to lending partner in upcoming sectors, therefore replicating the success it has seen in various other renewable energy fields.

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Pradip Kumar Das also proposed an initiative towards sustainable investing by recommending a 1%-2% allocation of Assets Under Management (AUM) for domestic pension and insurance funds into Renewable Energy (RE) bonds.

Pradip Kumar was also actively involved in two-panel talks at COP 28 in Dubai. The first one, put together by the Asian Development Bank, tackled "Boosting Climate Finance to Achieve India’s Energy Transition Objectives." The second, a collaboration between the International Solar Alliance and CII, delved into "Funding Changes in Industries in Growing Markets and Developing Economies."

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During the discussions, he highlighted the necessity of establishing a comprehensive green taxonomy covering the entire spectrum of Renewable Energy and green technology-based investments. He further emphasized that this would enhance transparency in the sector which will attract investors committed to sustainability.

In the session on "Financing Industry Transitions in Emerging Markets and Developing Economies," he highlighted the importance of finding and funding low-emission solutions to meet the increasing energy demand. He stressed the need for unique solutions across traditional and emerging sectors, advocating for the leveraging of climate funds to support new renewable energy technologies.

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