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IREDA has received DIPAM approval to create a subsidiary for managing retail and B2B renewable energy businesses.

Banking & Finance | Dated: 22 Oct 2024

The state-owned Indian Renewable Energy Development Agency Limited (IREDA), under the Ministry of New and Renewable Energy (MNRE), has received in-principal approval from the Department of Investment and Public Asset Management (DIPAM) in the Ministry of Finance (MoF) to set up a fully-owned subsidiary. This subsidiary will focus on retail and Business-to-Business (B2B) operations in the Renewable Energy (RE) sector.

🎯 Key Highlights:

  • - IREDA's new retail subsidiary will be allowed to manage retail operations under key government schemes like the Pradhan Mantri (PM) Surya Ghar Muft Bijli Yojana (rooftop solar) and PM Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM-KUSUM), as well as other Business-to-Consumer (B2C) segments in the RE sector.
  • - The new subsidiary will focus on emerging renewable energy (RE) sectors such as electric vehicles (EVs), energy storage, green technologies, sustainability, and energy efficiency.

💡 Other Important Facts:

  • (i) AGEL aims for 10% of India's non-fossil energy and 50 GW of renewable capacity by 2030.
  • (ii) It will also allow IREDA to offer innovative financing options for both urban and rural consumers, encouraging sustainable practices and reducing carbon footprints.

📚 Test Your Knowledge:

Which government entity approved IREDA's proposal to create a subsidiary for retail and B2B renewable energy businesses?

Correct Answer: DIPAM

🚀 Quick Recap:

Indian Renewable Energy Development Agency (IREDA)

  • CMD : Pradip Kumar Das
  • Headquarters: New Delhi