IREDA OKs up to INR 5,000 crore fundraising for green energy financing

This will proceed following approval from shareholders and authorities.

The Indian Renewable Energy Development Agency Ltd. (IREDA) has approved the raising of up to INR 5,000 crore through qualified institutions placement of equity shares to fuel funds for renewable energy projects.

In a statement, IREDA said the initiative, which will be in one or more tranches, will strengthen its financial resources to support the increasing demand for green energy financing

The planned issuance ensures that the Indian government’s shareholding in IREDA will remain strong, up to 7% dilution in the post issue equity.