The Indian Renewable Energy Development Agency Limited (IREDA) has received approval from the Department of Investment and Public Asset Management (DIPAM) to set up a fully controlled retail subsidiary.
This subsidiary will focus on developing retail business within the renewable energy sector and aligning with the Indian government’s green initiatives.
This new entity will handle the retail market under key government schemes such as PM-Suryaghar (Rooftop Solar) and PM-KUSUM. It will also take care of the B2C (business-to-consumer) segments in renewable energy, covering emerging areas like electric vehicles (EVs), energy storage systems, and other green technologies.
Pradip Kumar Das, Chairman & Managing Director of IREDA, commented on the development: “This new retail subsidiary marks a significant milestone in our journey towards fostering sustainable energy solutions at the grassroots level. By extending our expertise in renewable energy finance to the retail market, we will provide innovative financing options for both urban and rural consumers, promoting sustainable practices and reducing carbon footprints.”
This strategic move is going with the Indian government’s broader target of increasing renewable energy adoption and creating new opportunities in the clean energy sector.
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