New Delhi, Jan 8 (NationPress) – The Indian Renewable Energy Development Agency (IREDA) has been awarded the esteemed ‘Excellent’ rating in the Memorandum of Understanding (MoU) with the Ministry of New & Renewable Energy (MNRE) for the fifth consecutive year, highlighting the agency’s unwavering commitment to operational excellence and financial integrity, as stated in an official announcement on Thursday.

This ‘Excellent’ rating for the financial year 2024–25 has been secured by India’s largest specialized green Non-Banking Financial Company (NBFC), achieving a remarkable score of 96.42 out of 100. The sustained high performance indicates the organization’s capability to keep up the momentum despite an expanding mandate and a changing renewable energy landscape, the statement elaborated.

Union Minister for New and Renewable Energy, Pralhad Joshi, extended his congratulations to IREDA for its exceptional performance.

“This ongoing excellence signifies the commitment of the IREDA team and the robustness of its institutional reforms. I am optimistic that IREDA will maintain this momentum, bolstering India’s clean energy financing ecosystem and expediting the nation’s transition to a greener, self-sufficient future,” he commented.

After receiving only a 'Fair' rating with a score of 45.83 in the MoU assessment for FY 2019–20, IREDA initiated extensive institutional reforms to enhance its systems, processes, and culture. This transformative journey allowed the organization to elevate its standards, resulting in consecutive ‘Excellent’ ratings and firmly establishing IREDA as the nation’s largest NBFC in the renewable energy sector, as stated.

Chairman & Managing Director of IREDA, Pradip Kumar Das, remarked, “Achieving the ‘Excellent’ rating for five successive years is a source of immense pride for IREDA. This acknowledgment is a reflection of our employees' dedication, our stakeholders' trust, and the continuous support from the Government of India. We are committed to further enhancing India’s clean energy landscape and hastening the country’s transition to green energy.”

The Navratna public sector undertaking reported a significant 41% increase in net profit, reaching Rs 549 crore for the July-September quarter of the current financial year, compared to Rs 388 crore during the same period last year.

It also noted a robust 26% growth in operational revenue, climbing to Rs 2,057 crore from Rs 1,630 crore in the same quarter of the previous year.

Additionally, IREDA’s loan sanctions for the second quarter skyrocketed by 145% to Rs 21,408 crore, compared to Rs 8,724 crore during the same quarter last year, while loan disbursements surged by 81% to Rs 8,062 crore during the quarter, up from Rs 4,462 crore.