On January 19, 2022, the Cabinet Committee on Economic Affairs has approved the equity infusion of Rs.1500 crore in Indian Renewable Energy Development Agency Limited (IREDA) which will help in employment generation of approximately 10200 jobs-year and CO2 equivalent emission reduction of approximately 7.49 Million Tonnes CO2/year.
Also, it will enable the following:
- To lend Rs. 12000 crore approximately to the RE sector, thus facilitate the debt requirement of RE of additional capacity of approximately 3500-4000 MW.
- To enhance its net-worth which will help it in additional RE financing, thus contributing better to the Government of India targets for RE.
- To improve the capital-to-risk weighted assets ratio (CRAR) to facilitate its lending and borrowing operations.