IREDA raises Rs 4.53 billion through second perpetual bond issue

The Indian Renewable Energy Development Agency (IREDA) has mobilised Rs 4.53 billion through its second perpetual bond issue at a coupon rate of 7.70 percent per annum.

The issue received bids worth Rs 13.43 billion against the base size of Rs 1 billion and a green shoe option of Rs 4 billion, resulting in an oversubscription of 2.69 times. Proceeds will be used to strengthen IREDA’s capital base and finance renewable energy projects across India.

Last month, IREDA signed a performance-based memorandum of understanding (MoU) with the Ministry of New and Renewable Energy (MNRE) for FY 2025-26. Under the agreement, it has been set a Revenue from Operations target of Rs 8,200 crore. In FY 2024-25, IREDA reported Rs 6,743.32 crore in revenue, exceeding its target of Rs 5,957 crore.