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					</table><p>Government-owned lender Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) approved loans amounting to ₹373.54 billion (~$4.48 billion) and disbursed ₹250.89 billion (~$3.01 billion) in loans during the financial year (FY) 2023-24.</p>
<p>The approved and disbursed amounts were the highest-ever annual figures recorded by the lender.</p>
<p>The loan approvals were up 14.63% year-over-year (YoY) from ₹325.87 billion (~$3.91 billion), and the disbursements increased by 15.94% from ₹216.39 billion (~$2.59 billion) at the end of FY 2022-23.</p>
<p>In the fourth quarter of FY24, IREDA approved loans of ₹237.96 billion (~$2.85 billion), up 101.71% YoY. The disbursements for the January to March period increased by 13.98% to ₹128.69 billion (~$1.54 billion),</p>
<p>The company’s loan book saw a 26.71% growth to ₹596.50 billion (~$7.15 billion) at the end of March 2024.</p>
<p>Pradip Kumar Das, Chairman and Managing Director of IREDA, said, &#8220;IREDA&#8217;s record loan sanctions and disbursements for the financial year 2023-24 underscore our untiring commitment to driving the renewable energy revolution in the country. We are happy to contribute significantly towards Govt. of India&#8217;s renewable energy targets and look forward to further amplifying our impact in the coming years.”</p>
<p>In February 2024, the company received approval from the Reserve Bank of India to set up its wholly-owned subsidiary in the International Financial Services Centre situated in GIFT City, Gujarat. The subsidiary is expected to serve as an offshore platform for securing competitive funding to push the growth of the renewable energy sector.</p>
<p>Earlier, IREDA <a href="https://www.mercomindia.com/ireda-q3-profit-surges-67" target="_blank" rel="noopener">reported</a> a 67% YoY increase in profit after tax for Q3 of FY 2023-24 to ₹3.36 billion (~$40.28 million) from ₹2.01 billion (~$24.1 million). The considerable profit growth was primarily driven by the consistent growth in the company’s loan book and a significant reduction in its net non-performing assets to 1.52% in Q3 from 2.03% in the same period last year, a 25% improvement.</p>
<p>Last year, the company <a href="https://www.mercomindia.com/ireda-loans-program-rooftop-solar-pm-kusum-consumers" target="_blank" rel="noopener">launched</a> its retail division with an emphasis on providing loans in the Business-to-Consumer (B2C) sector. The strategic initiative is expected to target borrowers under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program, as well as rooftop solar consumers and other B2C segments.</p>


IREDA Loan Approvals and Disbursements Reach Record High in FY 2024


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					</table><p>The designated Renewable Energy Implementing Agencies (REIA) by the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) issued 35.51 GW of project tenders until December 2023, against the 50 GW target for the financial year (FY) 2023-24.</p>
<p>The MNRE shared the information in its year-end review published recently.</p>
<p>In April 2023, MNRE <a href="https://www.mercomindia.com/government-bid-solar-wind-fy24" target="_blank" rel="noopener">issued</a> an agency-wise bidding calendar for the REIAs – the Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>), <a href="https://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a>, <a href="https://www.nhpcindia.com/" target="_blank" rel="noopener">NHPC</a>, and <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a> &#8211; to deploy 50 GW of renewable energy projects every financial year till FY 2027-28.</p>
<p>The calendar entails a schedule of 30 GW of renewable energy capacity for the first two quarters and 20 GW in the last two quarters.</p>
<p>According to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a>, NTPC accounted for ~42% of the total capacity tendered during the period, SECI accounted for ~34%, SJVN ~13%, and NHPC the remaining 11%.</p>
<p>A total of 4.96 GW of wind project tenders were issued during the period by SECI and NTPC.</p>
<p>Out of the total projects tendered by these REIAs during the implementation period, 7 GW capacity was auctioned between April and December.</p>
<p>According to MNRE, India stood fourth globally in renewable energy installed capacity and fifth in solar power capacity.</p>
<p>During the year, the Ministry also <a href="https://www.mercomindia.com/cabinet-green-energy-corridor-in-ladakh" target="_blank" rel="noopener">approved</a> Interstate Transmission System projects to evacuate 13 GW of renewable energy in Ladakh. POWERGRID is carrying out the front-end engineering design study, which is expected to conclude in December 2024. The agency will then invite bids for the construction of the project in the region.</p>
<p>The Ministry also provided an update on the solar module manufacturing setup under the production-linked incentive program.</p>
<p>It said that FS India Solar Ventures (First Solar) has begun production of thin film solar photovoltaic modules at its facility in Sriperumbudur, Kanchipuram District, Tamil Nadu. Other manufacturers have also started productions at their respective facilities &#8211; ReNew Photovoltaics (ReNew) at Mahindra World City, Jaipur, Rajasthan; Grew Energy at Dudu, Jaipur, Rajasthan; and Tata Power Solar at Gangaikondan, Tirunelveli, Tamil Nadu.</p>
<p>Mercom recently listed the major developments in 2023 that impacted the <a href="https://www.mercomindia.com/major-events-solar-sector-2023" target="_blank" rel="noopener">solar</a> and <a href="https://www.mercomindia.com/top-developments-wind-hybrid-market-2023" target="_blank" rel="noopener">wind-solar hybrid</a> sector in India.</p>


Agencies Tender 35.51 GW Renewable Projects in FY24 Under Bidding Trajectory

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