IREDA logs highest-ever loan sanctions, disbursements in FY23-24

New Delhi: State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday said that it has recorded its highest-ever annual loan sanctions and disbursements in fiscal 2023-24.

The company has sanctioned loans amounting to Rs 37,354 crore and disbursed loans worth Rs 25,089 crore during the fiscal year 2023-24, an IREDA statement said.

According to the statement, this has led to a significant growth of 26.71 per cent in the loan book, which now stands at Rs 59,650 crore compared to Rs 47,076 crore a year ago.

The annual loan sanctions grew 14.63 per cent to Rs 37,354 crore in 2023-24 from Rs 32,587 crore in 2022-23.  Similarly, the annual loan disbursements rose by 15.94 per cent to Rs 25,089 crore in 2023-24 from Rs 21,639 crore in 2022-23.

During the January-March 2024 quarter, loan sanctions more than doubled to Rs 23,796 crore from Rs 11,797 crore in the same quarter a year ago, according to the statement.

Similarly, the loan disbursements have gone up by 13.98 per cent to Rs 12,869 crore in the fourth quarter of 2023-24 from Rs 11,291 crore a year ago.  Pradip Kumar Das, Chairman and Managing Director of IREDA, said, "IREDA's record loan sanctions and disbursements for the financial year 2023-24 underscore our untiring commitment to driving the renewable energy revolution in the country."

IREDA, the largest Pure-Play Green Financing NBFC (Nonbank Financial Company) in the country, achieved its highest-ever annual loan sanctions and disbursements for the financial year 2023-24, the statement said.