BENGALURU (Reuters) – The Indian government aims to sell a 7% stake in the Indian Renewable Energy Development Agency (IREDA) via an institutional share sale, the renewables lender said on Wednesday.
The government, which held a 75% stake as of June-end in IREDA, has approved the company’s plans to raise up to 45 billion rupees ($538 million) through qualified institutional placement (QIP).
This fresh capital infusion will help IREDA finance clean energy projects across the country and support the government’s “ambitious renewable energy goals,” Chairman and Managing Director Pradip Kumar Das said.
The Indian government is planning to add at least 500 GW of clean energy by 2030 to reduce emissions.
($1 = 83.6370 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Tasim Zahid)
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