Green Energy NBFC Company Approves First International Green Energy Loan of USD 22.5 Million for 100 MW Solar Project in Zambia
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With a PE ratio of 20.3x, the company trades at par compared to the industry PE of 20. The company has ROCE of 9.37 per cent and ROE of 18 per cent.
IREDA Global Green Energy Finance IFSC Limited, a wholly owned subsidiary of the Indian Renewable Energy Development Agency Limited (IREDA), has sanctioned its first international green energy loan of USD 22.5 million to Swarna Solar Limited (SSL). This marks a significant milestone in IREDA’s efforts to expand its global footprint in renewable energy financing.
The funding has been allocated for the development of a 100 MW photovoltaic solar power plant in the Serenje District of the Central Province in Zambia. The project is expected to contribute to Zambia’s clean energy capacity and support the country’s transition towards sustainable power generation.
Shri Pradip Kumar Das, Chairman of IGGEFIL and CMD of IREDA, stated that the sanctioned loan underscores IGGEFIL’s emergence as a global catalyst for clean energy financing. By leveraging competitive international capital through its presence in GIFT City, IREDA aims to foster sustainable energy growth beyond India’s borders and align with the Government of India’s vision for global leadership in renewable energy.
The loan marks IGGEFIL’s first step into international markets, demonstrating confidence in foreign renewable energy investments and strengthening economic and clean energy ties between India and Zambia.
Indian Renewable Energy Development Agency Ltd was incorporated as a fully owned Govt. of India enterprise under the administrative control of the MNRE. Furthermore, the company was notified as a public financial institution and is also registered as a non-deposit taking NBFC with the RBI.
The company was established for the promotion, development and commercialisation of new and renewable sources of energy and provides financial assistance to energy efficiency and conservation projects. The Ministry of New and Renewable Energy, Government of India has given IREDA the 'Navaratna Status. RBI classified company as “Infrastructure Finance Company”. The stock has given 4 per cent returns in the last 1 year while 233 per cent returns since its listing in November 2023.
With a PE ratio of 20.3x, the company trades at par compared to the industry PE of 20. The company has ROCE of 9.37 per cent and ROE of 18 per cent. Market capitalisation stands at Rs 38,287 crore, with a current price of Rs 136.
Disclaimer: The article is for informational purposes only and not investment advice.