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IREDA signs MoU with MNRE; sets Revenue target of INR 2406 Crores in the FY 2020-21

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IREDA signs MoU with MNRE, setting key targets for the year 2020-21On November 2, 2020, Indian Renewable Energy Development Agency Limited (IREDA) signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE), Government of India setting key targets for the year 2020-21. IREDA has set a Revenue Target of INR 2406 Crores for the current Financial Year 2020-21.

The MoU was signed by MNRE Secretary, Indu Shekhar Chaturvedi and IREDA CMD, Pradip Kumar Das.

Key Points:

i.The revenue target of INR 2, 406 Crores has been set under ‘Excellent’ rating along with other performance-related parameters such as Operating Profit as percentage of Revenue from Operation, PAT (profit after tax) as a percentage of Average Net worth, Loan disbursement, Overdue loan for the year 2020-21.

ii.IREDA has financed more than 2700 Renewable Energy projects in India with cumulative loan disbursements to the tune of INR 57, 000 crore rupees.

iii.It has supported green power addition Capacity of 17, 259 Megawatt (MW) across India.

Fact:
Equity Share – 100 % (Amounting to INR 784.60 Crore) is held by Government of India in IREDA (as per IREDA’s Annual Report of 2019-20).

Recent Related News:

i.The Union Ministry of New and Renewable energy (MNRE) proposed the ‘One Sun One World One Grid’ (OSOWOG) to interconnect renewable energy by sharing solar resources with more than 140 countries of West Asia and SouthEast Asia. The grid will be interconnected with African power pools.

About Indian Renewable Energy Development Agency Limited (IREDA):
Chairman & Managing Director (CMD) – Pradip Kumar Das
Headquarters – New Delhi

About Ministry of New and Renewable Energy (MNRE):
Ministry of State (MoS), Independent Charge (IC) – Raj Kumar Singh
Headquarters – New Delhi