IREDA plans to raise up to $300 million via overseas borrowing
State-run Indian Renewable Energy Development Agency (IREDA) today said it will raise up to USD 300 million in the next 18 months from overseas. “We have already filed our application. We will be filing for medium-term note programme in London (stock exchange) as well as in Singapore (stock exchange). We will be raising USD 150-300 million on both the exchanges,” IREDA Chairman K S Popli told reporters here.
The company will raise a part of the amount, around USD 100 million, in 2-3 months, he said, adding that the entire money raised will be utilised for lending. “100 million (dollar) we would raise soon and total amount we will raise within a year and half,” he said. On IPO, he said: “I am still waiting for getting approval. I would not like to comment on it right now.”
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The company had last month said it will sanction Rs 13,000 crore for clean energy projects in this fiscal in the country, vying for around 20 per cent of the loan market share. IREDA has sanctioned around Rs 37,000 crore of credit for clean energy projects in the country so far and has released around Rs 28,000 crore to developers, which aids generation capacity of around 7,000 MW.
IREDA is a public Limited government company established as a non-banking financial institution in 1987. It promotes and extends financial assistance for setting up projects relating to new and renewable sources of energy.