What is the expansion of IREDA?
VerifiedAnswer: Indian Renewable Energy Development Agency
Explanation:
IREDA stands for Indian Renewable Energy Development Agency, which is a specialized financial institution established by the Government of India. This organization plays a crucial role in promoting and financing renewable energy projects across the country, making it an important part of India's sustainable development goals.
Established in 1987, IREDA was created as a public sector enterprise under the Ministry of New and Renewable Energy. The agency was formed with the specific purpose of addressing the financial needs of renewable energy projects, which were often considered risky investments by traditional banks and financial institutions at that time.
The primary functions of IREDA include providing financial assistance for renewable energy projects such as solar power plants, wind energy systems, biomass projects, small hydro power plants, and other clean energy initiatives. The agency offers various types of financial support including term loans, working capital assistance, and equipment financing to both public and private sector companies involved in renewable energy development.
IREDA has been instrumental in supporting India's transition towards clean energy and has financed thousands of renewable energy projects across the country. The agency also provides technical and financial consultancy services, helping project developers navigate the complex landscape of renewable energy implementation. Through its efforts, IREDA has contributed significantly to India's goal of achieving energy security while reducing carbon emissions and promoting environmental sustainability.
