In Odisha, the IREDA is eager to encourage renewable energy projects

The Indian Renewable Energy Development Agency said that it is eager to encourage more green energy projects in Odisha and that it has recently secured loans worth Rs 670 crore ($90 Million) in the state’s first year of operation. The IREDA (Indian Renewable Energy Development Agency), a non-banking financial agency in the public sector, has been promoting, developing, and granting financial assistance for projects involving new and renewable energy sources.

According to a business release, IREDA Chairman and MD (Managing Director) Pradip Kumar Das met with Suresh Chandra Mahapatra, the Odisha Chief Secretary. Das stated at the meeting that the IREDA is eager to support more renewable energy ventures in Odisha, recognizing the state’s enormous green energy potential.

The IREDA established a local office in Bhubaneswar in August 2021, after which it sanctioned five hydropower projects totaling 80.5 MW as well as a 1.5-MW energy access program. IREDA has sanctioned Rs 670 crore in loans and transferred Rs 348 crore (over $44 million) since launching a local branch in Odisha, according to the agency.

The IREDA’s CEO and state chief secretary had a positive discussion about IREDA’s numerous efforts over the last two years, as well as potential prospects in Odisha, according to the statement, which added that opportunities to promote the use of RE (Renewable Energy) in the state were outlined throughout the conversation.

The chief secretary applauded IREDA’s work in Odisha and pledged the state government’s full support for renewable energy development, according to the release. Apart from hydro and energy access, Das stated that Odisha is considering many biomass and manufacturing projects. He briefed the chief secretary on the firm’s recent initiatives, accomplishments, and long-term plans for the RE sector’s growth, in accordance with the central government’s goal of non-fossil fuels accounting for 50% of total energy use by 2030.

According to the statement, the IREDA should stimulate the adoption of solar heating, solar rooftop, and solar lighting solutions for household usage in Odisha. The IREDA (Indian Renewable Energy Development Agency) provides a credit enhancement guarantee plan to help wind and solar project developers issue bonds.

IREDA intends to improve the bonds’ credit rating for renewable energy projects by offering unconditional and irreversible partial credit guarantees, thereby boosting marketability and liquidity and attracting lower-cost, longer-term investment for project developers. Credit enhanced bonds’ proceeds will only be used to partially or fully settle the existing debt. The long-term goal of IREDA is to help India build a renewable energy bond market.

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