IREDA receives approval through DIPAM to establish retail subsidiary

New Delhi: State-owned Indian Renewable Energy Development Agency Limited (IREDA) received in-principle approval from the Department of Investment and Public Asset Management (DIPAM), to establish a wholly-owned retail subsidiary.

The subsidiary will handle the retail business under PM-Surya Ghar: Muft Bijl Yojana, PM-KUSUM schemes, and B2C segments in renewable energy and the emerging renewable energy sector. This includes electric vehicles, energy storage, green technologies, energy efficiency, etc.

The move aims to provide innovative financing options for both urban and rural consumers, promote sustainable practices, and reduce carbon footprint. It will also create new opportunities in the clean energy sector.

Moreover, in September 2024, IREDA gained the approval of DIPAM to raise an estimated Rs 45 billion through an issue of fresh equity shares. The funds will be raised through a qualified institutions placement route and a 7 percent dilution of the Government of India’s shareholding in IREDA. Earlier in the same month, IREDA signed a MoU with SJVN Limited and GMR Energy Limited for the establishment of a 900 MW Upper Karnali hydro-electric project in Nepal.