Focus: GS II- Statutory, regulatory and various quasi-judicial bodies.
Why in News?
Indian Renewable Energy Development Agency Ltd. (IREDA) observed the “Cyber Jaagrukta Diwas”, to create cybersecurity awareness among all employees.
About Indian Renewable Energy Development Agency Ltd. (IREDA)
- The Indian Renewable Energy Development Agency Limited (IREDA) was established on 11th March, 1987 as a Public limited Government Company under the Companies Act, 1956 and it promotes, develops and extends financial assistance for Renewable Energy and Energy Efficiency/Conservation Projects.
- The IREDA’s Motto is “Energy for Ever.”
- The Indian Renewable Energy Development Agency (IREDA) is a Non-Banking Financial Institution under the administrative control of this Ministry for providing term loans for renewable energy and energy efficiency projects.
- It offers a credit enhancement guarantee scheme to support the issuance of bonds by wind and solar energy project developers.
- By providing unconditional and irrevocable partial credit guarantees, IREDA aims to enhance the credit rating of bonds for renewable energy projects, thereby improving their marketability and liquidity, and attracting lower-cost and longer-term funding for project developers.
- The amount raised by credit enhanced bonds shall only serve to repay existing debt partially or fully.
- IREDA’s long-term objective is to contribute to the development of a bond market for renewable energy projects in India.