IREDA to Raise Rs 4,500 Crore for Renewable Energy

New Delhi, Aug 21 (PTI) The Indian Renewable Energy Development Agency Ltd (IREDA) on Wednesday said its board will consider a proposal to raise up to Rs 4,500 crore through issuance of shares in its meeting on August 29.

The funds would be raised in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or combination, subject to the statutory or government approval, a BSE filing said.

IREDA, under Ministry of New & Renewable Energy, is engaged in providing finance to mainly renewable energy projects.

The fundraising assumes significance as India has an ambitious target of having 500GW renewable energy by 2030 and needs to add about 50GW capacity per annum to achieve the goal.