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News Brief | November 2012

Renewables reward both IREDA, Minister

Indian government's initiative in the renewable energy has proved a rewarding experience for the Indian Renewable Energy Development Agency (IREDA) and the Minister for New and Renewable Energy Farooq Abdullah.

IREDA on 12 October presented a dividend cheque of Rs 25 crore for the financial year 2011-12 to Abdullah even as the Spanish government conferred the `Great Cross of Civil Merit - the highest possible honour accorded by the Spanish government to a non-head of state - on Abdullah, for his contribution to the process of policy formulation by the Indian government.

The amount of dividend presented by IREDA showed an increase of 25 per cent as compared to last year.

IREDA, a state-owned enterprise under the Ministry of New and Renewable Energy (MNRE), is a pioneer in financing renewable energy and energy efficiency projects with high brand value in renewable energy and energy efficiency financing.

IREDA has been a catalyst in financing of renewable energy in the country and has the unique opportunity of contributing to the process of policy formulation by the government.

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