about IREDA

Energy is a basic requirement for economic development. Every sector of the national economy - agriculture, industry, transport, commercial and domestic - needs inputs of energy. The growing consumption of energy has also resulted in the country becoming increasingly dependent on fossil fuels such as coal, oil and gas. Rising prices of fossil fuels and its potential shortages in future led to concerns about the security of energy supply, essential to sustain our economic growth. Increased use of fossil fuels also causes environmental problems both on local and global scales. The Ministry of New and Renewable Energy (MNRE) has been implementing comprehensive programmes for the development and utilisation of various renewable energy sources in the country. As a result of the efforts made during the past quarter century, a number of technologies and devices have been developed and have become commercially available.

Indian Renewable Energy Development Agency Limited (IREDA) was established on 11th March 1987 as a Public Limited Company under the Companies Act, 1956 for promoting and extending financial assistance for Renewable Energy and Energy Efficiency/Conservation Projects. It works under the administrative control of the Ministry of New and Renewable Energy (MNRE). IREDA is registered as Non-Banking Financial Company (NFBC) with Reserve Bank of India (RBI). It has also been notified as a "Public Financial Institution" under section 4 ‘A’ of the Companies Act, 1956.

IREDA was formed keeping in view the following objectives: