Indian Renewable Energy Development Agency Ltd

Indian Renewable Energy Development Agency Limited (IREDA) was incorporated on March 11, 1987 as a public limited company and has obtained certificate of commencement of business dated March 21, 1987. The Company was notified as a public financial institution on October 17, 1995, by the Department of Company Affairs, Ministry of Finance, GoI. Further, the Reserve Bank of India granted a certificate of registration to the Company on January 23, 2008, permitting to carry on the business of NonBanking Financial Company without accepting public deposits. IREDA is a domestic financial institution with more than 30 years of experience in the Indian renewable energy sector. The Company provides financial assistance to renewable energy projects, companies and manufacturers in India for power generation, equipment supply and fuel source projects including wind power, solar power, hydro power, biomass, cogeneration and waste to energy as well as energy efficiency and conservation. The Company provides comprehensive suite of financial products and services includes various fundbased financial products including longterm and shortterm project and manufacturing loans, take out financing, bridge loans and bill discounting, and nonfund based assistance, like performance guarantees, letters of comfort, letters of undertaking and refinancing schemes. IREDA is currently a 100% Government of India (GoI) owned enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). The Company is a Public Financial Institution (a PFI) under section 2(72) of the Companies Act, 2013 and is registered as a nonbanking financial company (a NBFC) with the Reserve Bank of India (the RBI). The Company believes that its classification as a PFI enhances its ability to raise funds on a costcompetitive basis (including through the issuance of various types of bonds that offer certain tax benefits to the bondholders). The company also was conferred with the Mini Ratna (Category 1) status in June 2015 by the Department of Public Enterprises. The Company was established as an integral part of, and have played a strategic role in, the GoIs initiatives for the promotion and development of the renewable energy sector in India. It has been involved in the development and implementation of various policies and structural and procedural reforms in the renewable energy sector. Under the IREDANCEF Refinancing Scheme, the company utilizes funds received from the National Clean Energy Fund (NCEF) to refinance renewable energy projects for biomass (up to 10MW) and small hydro (up to 5MW). We have also been involved in various GoI programs for the development of renewable energy sector including the Wind GBI Scheme, the Solar GBI Scheme and the Solar Water Heating System Capital Subsidy Scheme. The Companys primary sources of funds include domestic and foreign borrowings, internal resources and Government of India guarantees and support. In September 2017, the company issued Rs. 19,500 million of green rupeedenominated bonds in the international markets (with proceeds received on October 10, 2017). In March 2017, the company issued Rs. 7,000 million of green energy bonds in the domestic market. Both issues were in accordance with its Green Bond Framework which meets requirements of the Climate Bonds Standard Version 2.0 issued by the Climate Bond Initiative (Green Bonds) and also adheres to the Green Bond Principles, 2015, issued by the International Capital Markets Association (ICMA). The international funding sources also includes loans from the World Bank, the Asian Development Bank, Kreditanstant fur Wiederaufbau, Japan International Cooperation Agency European Investment Bank, Agence Francaise Development and Nordic Investment Bank. In addition to the financial products and services, the company has also set up its own 50 MW Solar Photovoltaic Project in 200 MW Kasaragod Solar Park in the state of Kerala, on which it has spent Rs. 2,939.85 million through September 30, 2017. The project was commissioned in September 2017 and has begun generating power which is being injected into the Kerala State Electricity Board grid. The project began generating revenue in September 2017.