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IREDA launch retail division for business to customers loans

IREDA launch retail division for business to customers loans

Shri Pradip Kumar Das, CMD of Indian Renewable Energy Development Agency Limited (IREDA) announced the launch of IREDA’s retail division, which became operational on 5th December. This strategic initiative is geared towards enhancing emphasis on providing loans to borrowers in the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors. He was speaking during the Leaders’ Dialogue on “Actioning Solutions for Global Sustainable Development and Governance of Resources” on 7th December 2023 organized by CEEW & CII as part of COP28 in Dubai.

Shortly after opening, IREDA’s Retail division quickly sanctioned its first loan amounting to Rs. 58 crores under KUSUM-B, underscoring IREDA’s dedication to emerging as the preferred lender in new segments, mirroring its success in other renewable energy sectors. CMD and IREDA also proposed a significant stride towards sustainable investing by suggesting a 1-2% Assets Under Management (AUM) allocation for domestic pension and insurance funds into Renewable Energy (RE) bonds. This strategic move aims to deepen bond markets, fostering increased global and local investments.

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