IREDA Tops CPSE Rankings in NBFC and Power Sector with ‘Excellent’ MoU Score

The Indian Renewable Energy Development Agency Ltd. (IREDA), a premier government-owned non-banking financial company (NBFC) dedicated to green energy financing, has achieved a historic milestone by being recognized as the top-performing Central Public Sector Enterprise (CPSE) in the Power and NBFC sector by the Department of Public Enterprises (DPE). This recognition comes under the annual performance Memorandum of Understanding (MoU) evaluations conducted by the DPE for the financial year 2023–24.

According to the consolidated performance ratings released by the DPE in early January 2025, IREDA scored an impressive 98 and above, placing it among the top four CPSEs across India out of a total of 84 entities evaluated. The company has once again secured the ‘Excellent’ rating, marking the fourth consecutive year it has achieved this highest category of performance rating.

A Testament to Leadership and Strategic Execution

Shri Pradip Kumar Das, Chairman and Managing Director of IREDA, expressed his elation over the recognition. “We are immensely happy to be recognized as the best performing CPSE in the NBFC and Power sector, and to be among the top 4 CPSEs in the country. This achievement reflects our team's collective dedication and strategic vision to accelerate India's renewable energy growth,” he stated.

Highlighting the institution's role in India’s green energy transformation, CMD Das emphasized that this rating reaffirms IREDA’s pioneering role in the clean energy sector. “This recognition not only validates our internal performance metrics but also our impact on a national scale through funding sustainable and innovative energy projects,” he added.

Sustained Performance and National Recognition

IREDA has consistently demonstrated excellence in financial performance, operational transparency, and developmental impact. Over the years, it has played a pivotal role in supporting India’s renewable energy transition by funding projects in solar, wind, biomass, hydro, and emerging clean technologies.

The MoU rating process evaluates CPSEs on various parameters, including financial performance, project implementation, customer satisfaction, and corporate governance. Scoring above 98 places IREDA among a rare league of consistently high-performing public sector entities.

Gratitude to Government and Institutional Support

CMD Das extended his heartfelt gratitude to the Government of India and its key leadership. He thanked Shri Pralhad Joshi, Hon’ble Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shri Shripad Naik, Hon’ble Minister of State for Power and New & Renewable Energy; Shri Santosh Kumar Sarangi, Secretary, MNRE; and other senior officials for their continued support and strategic direction. He also acknowledged the contribution of IREDA’s Board of Directors in steering the organization towards its mission.

IREDA's Role in India's Energy Transition

As the largest pure-play green financing NBFC in India, IREDA's portfolio is instrumental in catalyzing private sector investment in the renewable energy space. It has helped bridge financing gaps in early-stage renewable energy projects, particularly in underserved sectors and geographies. With its robust project appraisal framework and emphasis on sustainability, the agency continues to attract wide recognition in both national and international circles.

This latest recognition positions IREDA not only as a leader in its sector but also as a key contributor to India’s broader ambitions of achieving 500 GW of non-fossil fuel energy capacity by 2030 and becoming a net-zero economy by 2070.

Looking Ahead

With its performance credentials firmly established and recognition at the highest levels, IREDA is poised to deepen its role as a catalyst for India’s clean energy ambitions. The organization is expected to diversify further into emerging areas such as green hydrogen, energy storage, and smart grid projects while continuing to deliver strong financial and operational outcomes.