India approves IPO of IREDA to help fund more renewables projects

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Credit: Renew Power

India’s Cabinet Committee on Economic Affairs has approved the IPO of the Indian Renewable Energy Development Agency (IREDA) aiming to help fund more renewable energy projects.

The plan is to issue 139 million equity shares of IREDA at INR10 (US$0.155) each via the IPO.

The IPO will enable IREDA to increase its equity base and help raise more debt resources for funding renewable energy projects. A government release said the IPO would also increase IREDA’s visibility in domestic and international financial markets.

IREDA is registered as Non-Banking Financial Company with the Reserve Bank of India, primarily working with the private sector enterprises operating in the power sector.

While financing has been deemed a major issue in the past for Indian solar, various financiers have explained how a new atmosphere in Indian financing helped drive PV tariffs to new record lows in Madhya Pradesh back in February, and in Rajasthan more recently.

Read Next

July 30, 2021
First Solar has unveiled plans to construct a 3.3GWdc module assembly facility in India, bolstering its manufacturing footprint outside of the US.
July 23, 2021
Polysilicon manufacturer Daqo New Energy has completed its Initial Public Offering (IPO) of its main operational subsidiary Xinjiang Daqo New Energy on the Shanghai Stock Exchange’s Sci-Tech innovation board.
July 20, 2021
It is “unhealthy” for China to dominate solar manufacturing and production bases outside of the country are necessary to reduce the risk of supply chain disruptions, an Indian government official has said.
July 20, 2021
Vikram Solar has completed a new 1.3GW solar module manufacturing facility in Tamil Nadu, India, taking its total manufacturing output to 2.5GW.
July 13, 2021
Solar PV capacity in Asia Pacific could triple to 1,500GW by 2030, with China driving deployment and Indonesia set to be the region’s fastest-growing market, according to Wood Mackenzie.
July 13, 2021
Daqo New Energy has applied for an initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech innovation board (STAR Market).

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK