Renewable Energy Development eyes Rs 2,406 crore revenue in FY21

State-owned Indian Renewable Energy Development Agency Ltd (IREDA) is eyeing Rs 2,406 crore revenue in the current financial year.

IREDA has signed a memorandum of understanding (MoU) with the Ministry of New and Renewable Energy (MNRE) for setting key targets for the year 2020-21, the ministry said in a statement.

The MoU was signed by MNRE Secretary Indu Shekhar Chaturvedi and IREDA CMD Pradip Kumar Das on Monday, the statement said.

The government has set a revenue target of Rs 2,406 crore under 'Excellent' rating along with various performance-related parameters such as operating profit as percentage of revenue from operations, PAT (profit after tax) as a percentage of average net worth, loan disbursement, overdue loan etc, as per the MoU.

IREDA as on November 2, 2020, has financed more than 2,700 renewable energy projects in India with cumulative loan disbursements of Rs 57,000 crore, and has supported the green power capacity addition of 17,259 MW in the country.