Ireda Sanctions Rs 3,000 Crore For Green Energy Projects In Odisha
The approved funds will be utilised towards setting up 10 gigawatts of solar capacity by 2030.
Indian Renewable Energy Development Agency Ltd. has already sanctioned over Rs 3,000 crore for green energy projects in Odisha across solar, hydro, ethanol and renewable energy manufacturing sectors.
The approved funds will be utilised towards setting up 10 gigawatts of solar capacity by 2030, according to a release by the Ministry of New and Renewable Energy.
The public sector enterprise distributed Rs 1.36 lakh crore for renewable energy projects, while it sanctioned over Rs 2.08 lakh crore for these projects, helping the company in becoming the driving force in the development of emerging renewable energy technologies, the release said.
Pradip Kumar Das, chairperson and managing director of Ireda, emphasised the company's contribution as a competitive financier with fully paperless, digitised and borrower-friendly operations at Odisha's Solar Investor Conclave.
Pradip Kumar Das also reaffirmed the company's "commitment to driving India's green energy goals, with an envisioned 10-15% contribution to the renewable energy debt financing space," it said.
Ireda recorded a net profit of Rs 388 crore, representing a 36% growth for the second quarter of the current fiscal 2025. That was, however, lower than the Rs 410 crore that analysts tracked by Bloomberg had estimated.
The renewable energy provider's revenue surged 38% to Rs 1,630 crore during the July- September quarter of the current financial year 2025.
Shares of Ireda closed 2.29% lower at 201.59 per share on the National Stock Exchange. In contrast, the benchmark Nifty rose 0.7%. The stock has risen 96.1% on a year-to-date basis.
Out of the two analysts monitoring the company, one has a 'buy' rating on the stock and another maintains 'sell' according to Bloomberg data. The average of 12-month analysts' price targets suggest a potential upside of 38.9%.
