IREDA gets nod to set up retail subsidiary for renewable energy

Indian Renewable Energy Development Agency Limited (IREDA) has received in-principle approval from the Department of Investment and Public Asset Management (DIPAM) to establish a wholly-owned retail subsidiary. This new entity will handle the retail business under key government schemes such as PM-Suryaghar (Rooftop Solar) and PM-KUSUM, along with B2C segments in renewable energy (RE) and emerging sectors like electric vehicles (EVs), energy storage, and green technologies. Commenting on the approval, Pradip Kumar Das, Chairman & Managing Director, IREDA, said, "This new retail subsidiary marks a significant milestone in our journey towards fostering sustainable energy solutions at the grassroots level. By extending our expertise in renewable energy finance to the retail market, we will provide innovative financing options for both urban and rural consumers, promoting sustainable practices and reducing carbon footprints."

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