IREDA Launches Loans Program For Rooftop Solar

The Indian Renewable Energy Development Agency (IREDA) has launched its retail division with an emphasis on providing loans in the Business-to-Consumer (B2C) sector. The strategic initiative targets borrowers under the PM-KUSUM program, rooftop solar consumers, and other B2C segments.

Shortly after the launch, IREDA approved its first loan amounting to ?580 million (~$6.95 million) under Component B of the KUSUM program, underscoring its aim to emerge as the preferred lender in new segments, mirroring its success in other renewable energy sectors.

IREDA’s retail loan program could fill this gap. India installed over 1.3 GW of rooftop solar capacity in the first nine months of the calendar year 2023, an increase of 12% year-overyear, according to Mercom India research report.

Das also proposed a big stride towards sustainable investing by suggesting a 1-2% Assets Under Management allocation for domestic pension and insurance funds into renewable energy bonds. This could deepen bond markets, fostering increased global and local investments.