IREDA planning arm to finance rooftop solar, electric vehicles

IREDA is planning to set up a subsidiary to finance business to consumer or retail segments including rooftop solar installation and electric vehicles (EV).

Speaking at a panel discussion on green financing, at the second CII India Europe Business & Sustainability Conclave, CMD IREDA Pradip Kumar Das unveiled plans for establishing a subsidiary to cater to retail projects encompassing rooftop solar, PM-KUSUM, electric vehicles, and other business-to-consumer (B2C) segments.

A statement quoting him said IREDA can set up a wholly-owned subsidiary to meet the needs of retail segments, subject to government approval.

Das further said that IREDA is committed to making various renewable energy technologies bankable, including emerging ones like EVs, green hydrogen, and offshore wind.

He also highlighted the role of micro, small, and medium enterprises (MSME) in environmental sustainability and emphasized the importance for MSMEs to improve their ratings and governance, in order to facilitate their access to finance for renewable energy projects, at competitive interest rates.

IREDA signed a memorandum of understanding with Punjab National Bank to collaborate on financing renewable energy projects across the country.