State-run Indian Renewable Energy Development Agency (IREDA) has obtained approval from the Department of Investment and Public Asset Management (DIPAM) to create a wholly-owned subsidiary focused on retail and B2B business within the renewable energy sector. Operating under the Ministry of New and Renewable Energy, IREDA is a non-banking financial institution.

The subsidiary will manage retail initiatives under schemes such as PM-Suryaghar (Rooftop Solar) and PM-KUSUM, along with other B2C segments in renewable energy, according to a statement from IREDA. It will also explore emerging areas in renewable energy, including electric vehicles (EVs), energy storage, green technologies, sustainability, and energy efficiency.

IREDA CMD Pradip Kumar Das emphasized that the expansion into the retail market will enable the agency to offer innovative financing solutions for both urban and rural consumers, thereby promoting sustainable practices and reducing carbon footprints.

Currently, IREDA is involved in developing and providing financial assistance for projects related to new and renewable energy sources and energy efficiency. Additionally, IREDA reported a 36% increase in profit after tax, reaching ?387.75 crore for the September quarter, up from ?284.73 crore in the same period last fiscal year.