India raises INR 2,005.90 crore to fuel green financing

A total of 12.15 crore equity shares were issued to raise the funding.

The Indian Renewable Energy Development Agency Ltd. (IREDA) has raised INR 2,005.90 crore to boost financing for green energy projects.

In a statement, the Ministry of New and Renewable Energy said the funding was raised through a Qualified Institutions Placement (QIP). A total of 12.15 crore equity shares were issued at INR 165.14 per share, which includes a premium of INR 155.14 per share over the face value of INR 10.

The capital raised through this issuance “will further strengthen IREDA's Tier-I capital and overall Capital Adequacy Ratio (CAR), enhancing the company’s capacity to support the expanding renewable energy sector in India”

IREDA noted the QIP was oversubscribed with bids amounting to INR 2,005.90 crore against the base issue size of INR 1,500 crore, achieving a subscription of 1.34 times.

“This capital infusion will empower us to scale up our financing activities, enabling greater investments in renewable energy projects and accelerating India’s transition towards a greener and sustainable energy future,” said Pradip Kumar Das, chairman and managing director, IREDA.