IREDA Raises Rs 910 Crore via Bonds for Green Energy Financing

New Delhi, Mar 25 (PTI) State-owned IREDA on Tuesday said it has raised Rs 910 crore through issuance of bonds.

The funds raised will enhance IREDA's Tier-II capital, increasing its net worth and capital-to-risk-weighted assets ratio (CRAR), IREDA said in a statement.

IREDA has raised Rs 910.37 crore through the issuance of privately placed subordinated Tier-II bonds for a 10-year tenor at an annual coupon rate of 7.74 per cent, it said.

"The successful raising of Tier-II capital reflects investors' strong confidence in IREDA's financial strength and strategic vision.

"This will further empower us to accelerate green energy financing, aligning with the Government of India's target to achieve 500 GW of non-fossil fuel-based energy capacity by 2030," IREDA Chairman and Managing Director (CMD) Pradip Kumar Das said.

Indian Renewable Energy Development Agency Ltd (IREDA) is a non-banking financial institution under the Ministry of New and Renewable Energy.