State-run IREDA has received approval from DIPAM to set up a wholly-owned subsidiary to undertake retail and B2B business in the renewable energy sector.
Indian Renewable Energy Development Agency (IREDA), under the Ministry of New and Renewable Energy, is a non-banking financial institution.
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It has received in-principle approval from the Department of Investment and Public Asset Management (DIPAM) to establish a wholly-owned subsidiary to handle retail business under PM-Suryaghar (Rooftop Solar), PM-KUSUM schemes, and other B2C segments in the renewable energy (RE) sector, IREDA said in a statement on Thursday.
The subsidiary will also focus on emerging RE sectors, including EVs, energy storage, green technologies, sustainability, energy efficiency, etc.
IREDA CMD Pradip Kumar Das said, "By extending our expertise in RE finance to retail market, we will provide innovative financing options for both urban and rural consumers, promoting sustainable practices and reducing carbon footprints."
The company presently is engaged in developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
On Thursday, IREDA reported a 36 per cent rise in its profit after tax (PAT) to ₹387.75 crore in the September quarter from ₹284.73 crore PAT in the same period of the preceding 2023-24 fiscal.