World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTThe Indian government plans to sell an up to 7% stake in the Indian Renewable Energy Development Agency (BOM:544026), or IREDA, in a deal that will enable the renewable energy lender to strengthen its capital base and fund more projects.
The Department of Investment and Public Asset Management (DIPAM) has greenlit IREDA’s plan for a fundraising of up to INR 45 billion (USD 537.8m/EUR 483.6m) that will involve issuing equity shares through a qualified institutional placement (QIP), the lender said on Wednesday. The proposed transaction will lower the central government’s shareholding in tranches from a 75% stake held at the end of June, 2024.
The raised proceeds will help IREDA secure fresh capital to scale up its funding for renewable energy projects and thus support the country’s energy transition efforts. “With fresh capital infusion, we will be better positioned to support India’s ambitious renewable energy goals and continue playing a pivotal role in financing clean energy projects across the country,” said IREDA’s chairman and managing director Shri Pradip Kumar Das.
IREDA completed its initial public offering (IPO) in Bombai and New York in November last year, raising INR 21.5 billion amid high investor demand.
(INR 10 = USD 0.120/EUR 0.107)
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