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					</table><p>Government-owned lender, Indian Renewable Energy Development Agency’s (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) loan approvals for the nine months (9M) ended December 31, 2025, stood at ₹401 billion (~$4.44 billion), a 29% year-over-year (YoY) increase from ₹310.87 billion (~$3.44 billion).</p>
<p>The company’s loan disbursements grew by 44% from ₹172.36 billion (~$1.91 million) as of December 31, 2024, to ₹249.03 billion (~$2.76 billion) as of December 31, 2025.</p>
<p>Its outstanding 9M loan book stood at ₹879.75 billion (~$9.75 billion), rising 28% from ₹689.6 billion (~$7.64 billion) in the same period of 2024.</p>
<p>IREDA <a href="https://www.mercomindia.com/iredas-revenue-up-28-in-q2-fy-2026-as-loan-book-swells" target="_blank" rel="noopener">reported</a> revenue from operations of ₹20.57 billion (~$239.2 million) in the second quarter (Q2) of the financial year (FY) 2026, a 28% YoY increase from ₹16.30 billion (~$189.5 million).</p>
<p>Its approved loans <a href="https://www.mercomindia.com/iredas-loan-approvals-grow-86-yoy-to-%E2%82%B9331-billion-in-q2-fy-2026" target="_blank" rel="noopener">stood</a> at ₹331.48 billion (~$3.73 billion) at the end of Q2 FY 2026, compared to ₹178.6 billion (~$2.01 billion) by the end of Q2 FY 2025.</p>
<p>In September this year, IREDA <a href="https://www.mercomindia.com/ireda-approves-%E2%82%B911-34-billion-loan-to-insolation-green-energy" target="_blank" rel="noopener">approved</a> a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of INA Solar, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh. The estimated cost of setting up the solar cell plant is ₹15.12 billion (~$172 million).</p>
<p>In August, independent renewable energy producer Juniper Green Energy <a href="https://www.mercomindia.com/juniper-green-energy-secures-%E2%82%B917-billion-debt-financing-from-ireda" target="_blank" rel="noopener">secured</a> ₹17.39 billion (~$198.4 million) in debt financing from IREDA. The funds would be utilized to execute the company’s large-scale renewable energy projects and strengthen its operational capacity.</p>
<p>If India must install 500 GW of non-fossil fuel-based energy capacity by 2030, the states would <a href="https://www.mercomindia.com/union-government-must-fund-states-to-meet-indias-2030-clean-energy-target" target="_blank" rel="noopener">require</a> a cumulative grant of ₹140.64 billion (~$1.6 billion) every year over the next five years, according to the National Council of Applied Economic Research. These funds must be devolved to the states by the Finance Commission in the form of green energy grants, considering the potential, installed capacity, and current trend in spending on renewables, it said in a report.</p>


IREDA’s Loan Approvals Grow 29% YoY to ₹401 Billion in 9M FY 2026


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					</table><p>Government-owned lender Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) has announced an 86% year-over-year (YoY) growth in its approved loans as of the end of the second quarter (Q2) of the financial year (FY) 2026.</p>
<p>IREDA’s approved loans stood at ₹331.48 billion (~$3.73 billion) at the end of Q2 FY 2026, compared to ₹178.6 billion (~$2.01 billion) by the end of Q2 FY 2025.</p>
<p>The loan disbursements stood at ₹150.43 billion (~$1.69 billion) as of the quarter’s end, a 54% increase from ₹97.87 billion (~$1.1 billion) in the same period of the previous year.</p>
<p>IREDA’s loan book at the end of Q2 was ₹844.45 billion (~$9.51 billion), rising 31% YoY from ₹645.64 billion (~$7.27 billion).</p>
<p>In September this year, IREDA <a href="https://www.mercomindia.com/ireda-approves-%E2%82%B911-34-billion-loan-to-insolation-green-energy" target="_blank" rel="noopener">approved</a> a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of INA Solar, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh. The estimated cost of setting up the solar cell plant is ₹15.12 billion (~$172 million).</p>
<p>In August, independent renewable energy producer Juniper Green Energy <a href="https://www.mercomindia.com/juniper-green-energy-secures-%E2%82%B917-billion-debt-financing-from-ireda" target="_blank" rel="noopener">secured</a> ₹17.39 billion (~$198.4 million) in debt financing from IREDA. The funds would be utilized to execute the company’s large-scale renewable energy projects and strengthen its operational capacity.</p>
<p>IREDA’s loan approvals <a href="https://www.mercomindia.com/ireda-loan-approvals-grow-q1-fy-2026" target="_blank" rel="noopener">climbed</a> by 29% YoY to ₹117.4 billion (~$1.37 billion) in Q1 FY 2026 from ₹91.36 billion (~$1.06 billion). Loan disbursements rose by 31% YoY to ₹69.81 billion (~$815.52 million), up from ₹53.26 billion (~$622.18 million). The company’s outstanding loan book also registered a strong growth, reaching ₹799.6 billion (~$9.34 billion) as of June 30, 2025, reflecting a 27% YoY increase over ₹632.07 billion (~$7.38 billion).</p>
<p>The company <a href="https://www.mercomindia.com/iredas-q1-fy-2026-profits-fall-35-as-non-performing-assets-expand" target="_blank" rel="noopener">reported</a> a consolidated revenue of ₹19.48 billion (~$226 million) for Q1, a 29% YoY increase from ₹15.1 billion (~$176 million). This revenue growth was driven by a 26% expansion of IREDA’s loan book.</p>


IREDA’s Loan Approvals Grow 86% YoY to ₹331 Billion in Q2 FY 2026


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					</table><p>Public infrastructure finance company <a href="https://recindia.nic.in/?lang=en" target="_blank" rel="noopener">REC</a> has announced a significant increase in loan disbursements for the third quarter (Q3) of the financial year (FY) 2025. The non-banking financial company disbursed a total of ₹546.92 billion (~$6.63 billion) in Q3 FY 2025, marking a 17.98% rise from the same period last year.</p>
<p>REC increased its focus on renewable energy in Q3, with disbursements in this category achieving a 58.09% year-over-year (YoY) growth. The company directed loans worth ₹63.14 billion (~$765.94 million) towards green energy initiatives in this quarter.</p>
<p>For the first nine months of FY 2025, REC’s total loan disbursements reached ₹1,456.47 billion (~$ 16.97 billion), reflecting a 19.30% growth YoY from ₹1,220.89 billion (~$14.79 billion). Renewable energy loans accounted for ₹ 176.12 billion (~$2.13 billion) of the total, representing a 78.68% YoY increase.</p>
<p>REC <a href="https://www.mercomindia.com/rec-q2-revenue" target="_blank" rel="noopener">reported</a> a total income of ₹135.95 billion (~$ 1.56 billion) in Q2 FY 2025, marking a 17% YoY increase. Net profit for the quarter rose by 6% to ₹40.05 billion (~$485.5 million). Loan approvals declined by 27% YoY to ₹762 billion (~$9.23 billion), with the renewable energy sector receiving ₹207.37 billion (~$2.51 billion), a 17% decrease compared to last year. Disbursements for renewable energy projects increased by 37.35% YoY to ₹59.5 billion (~$721-21 million).</p>
<p>REC&#8217;s renewable energy loan disbursements <a href="https://www.mercomindia.com/recs-loan-approvals-for-renewable-projects-rose-by-92-in-1h-fy-2025" target="_blank" rel="noopener">grew</a> by 92.68% YoY to ₹112.97 billion (~$1.34 billion) in the first half of FY 2025. The company’s total loan disbursements for this period rose by 20.10% YoY to ₹909.55 billion (~$10.83 billion).</p>
<p>In Q4 FY 2024, REC  <a href="https://www.mercomindia.com/rec-q4-net-profit-up" target="_blank" rel="noopener">reported</a> a net profit of ₹40.79 billion (~$494.12 million), a 33% YoY increase, with total income rising by 24% to ₹127.07 billion (~$1.54 billion). Despite a 57% decline in loan approvals to ₹328.75 billion (~$3.98 billion), disbursements grew by 34% to ₹393.7 billion (~$4.7 billion), with renewables accounting for 35% of approvals and 16% of disbursements.</p>
<p>REC was <a href="https://www.mercomindia.com/pm-surya-ghar-vendor-registration">designated</a> as the nodal authority for implementing the PM Surya Ghar: Muft Bijli Yojana which aims to install rooftop solar systems in 10 million households by the end of FY27.</p>


REC’s Loans to Renewable Energy Sector Grew 58% in Q3 2025


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					</table><p>The government-owned lender Indian Renewable Energy Development Agency’s (<a href="https://www.ireda.in/ireda-functions-and-duties#:~:text=Indian%20Renewable%20Energy%20Development%20Agency%20Limited%20(IREDA)%20was%20established%20on,and%20Energy%20Efficiency%2FConservation%20Projects." target="_blank" rel="noopener">IREDA</a>) Board, in its recent deliberation, has approved a borrowing program totaling up to ₹242 billion (~$2.9 billion) for the fiscal year (FY) 2024-25.</p>
<p>The borrowing initiative encompasses various avenues for fund procurement, showcasing IREDA&#8217;s strategic approach to financing renewable energy projects in India.</p>
<p>The borrowing plan includes a diverse range of instruments, including taxable bonds, green taxable bonds, subordinated tier-II bonds, perpetual debt instruments, green masala bonds, green foreign currency bonds, foreign currency bonds, term loans from domestic banks and financial institutions, lines of credit from international agencies, public and private placement of tax-free bonds.</p>
<p>It will also include capital gains bonds, commercial papers, short-term loans, cash credit facilities, working capital demand loans from banks, foreign currency non-resident loans from banks, and external commercial borrowings from domestic and international financial markets.</p>
<p>By tapping into diverse funding sources, IREDA aims to facilitate the development and deployment of renewable energy projects while ensuring financial sustainability and flexibility.</p>
<p>In another development, the Ministry of New &amp; Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) issued an order dated March 27, 2024, conveying the decision of the Appointments Committee of the Cabinet (ACC).</p>
<p>The order pertains to entrusting the additional charge of the post of Director (Technical) at IREDA to Bijay Kumar Mohanty, who currently serves as the Director (Finance) at IREDA.</p>
<p>This appointment is effective for six months commencing from March 5, 2024, or until the appointment of a regular incumbent or until further orders, whichever occurs earliest.</p>
<p>Prior to this appointment, the additional charge of the post of Director (Technical) was held by Pradip Kumar Das, who serves as the Chairman and Managing Director of IREDA until March 4, 2024.</p>
<p>In December, IREDA <a href="https://www.mercomindia.com/ireda-loans-program-rooftop-solar-pm-kusum-consumers/" target="_blank" rel="noopener">launched</a> its retail division with an emphasis on providing loans in the Business-to-Consumer (B2C) sector. The strategic initiative targets borrowers under the PM-KUSUM program, rooftop solar consumers, and other B2C segments.</p>
<p>The Central Public Sector Enterprise’s status was <a href="https://www.mercomindia.com/iredas-status-upgraded-the-way-for-navratna-status" target="_blank" rel="noopener">elevated</a> from ‘Schedule B’ to ‘Schedule A,’ providing the agency greater financial autonomy and enabling strategic decisions to enhance its mission of expediting renewable energy adoption nationwide. This status elevation is expected to empower the agency with increased financial autonomy to advance renewable energy adoption in India and facilitate green projects in various states.</p>
<p>IREDA <a href="https://www.mercomindia.com/ireda-q3-profit-surges-67" target="_blank" rel="noopener">reported</a> a 67% year-over-year (YoY) increase in profit after tax for the third quarter (Q3) of the financial year (FY) 2023-24 to ₹3.36 billion (~$40.42 million) from  ₹2.01 billion (~$24.18 million).</p>


IREDA Board Approves ₹242 Billion Borrowing Program for FY 2024-25

<p>The African Development Bank (AfDB) approved a ~$27.78 million proposal to secure a loan from Société Générale de Banque in Côte d&#8217;Ivoire (SGBCI), Crédit Agricole Corporate, and Investment Bank (Crédit Agricole CIB) to help Zola EDF Côte d&#8217;Ivoire (ZECI), an African solar power kit supplier.</p>
<p>The loan will be available in the local currency and AfDB will act as partial credit guarantor by covering part of the guaranteed loan facility.</p>
<p>&#8220;The financing is in line with the 2016-20 National Development Plan of Côte d’Ivoire, the Strategic Plan for the energy sector, and the Electricity for All program initiated by Ivorian authorities to electrify all localities by 2020,” said Amadou Hott, the African Development Bank’s vice president in charge of energy.</p>
<p>The initiative will provide solar home systems to approximately 100,000 rural households based on pay-as-you-go (PAYGO). It is the first large-scale local currency financing model for the off-grid renewable energy sector in Africa. The Grameen Crédit Agricole Foundation will also participate in the funding of ZECI while monitoring environmental and social rules.</p>
<p>According to the World Bank, the global <a href="https://mercomindia.com/solarhome-convertible-note-offering/" target="_blank" rel="noopener">PAYGO solar industry</a> has attracted over $773 million in funding over the last five years. The estimated impact of these investments has been far-reaching, with approximately $5.2 billion in economic savings to households as they switch from conventional fuels to off-grid solar devices.</p>
<p>This project will also benefit the bank’s High 5S vision, “Light Up and Power Africa.” It aims to power 75 million African households by 2025.</p>
<p><a href="https://mercomindia.com/afdb-loan-renewable-energy-projects/" target="_blank" rel="noopener">Last year</a>, <a href="https://www.afdb.org/en/" target="_blank" rel="noopener">AfDB</a> approved $324 million in loan support for two renewable energy projects, in Morocco and Côte d’Ivoire. The loan is in line with the <a href="https://www.afdb.org/fileadmin/uploads/afdb/Documents/Generic-Documents/Brochure_New_Deal_2-En.pdf" target="_blank" rel="noopener">New Deal on Energy for Africa</a>.</p>
<p>Earlier, <a href="https://mercomindia.com/african-development-bank-solar-loan/" target="_blank" rel="noopener">Mercom reported that</a> <a href="https://www.afdb.org/en/">AfDB</a> approved a $1.5 million grant from the Sustainable Energy Fund for Africa (SEFA) to support the Nigerian government’s implementation of Phase 1 of the Jigawa 1-GW Independent Power Producer (IPP) Solar Procurement Program.</p>
<p>Off-grid solar has a bright future in poor and underdeveloped parts of the world, while the funding for these emerging markets has also witnessed a significant increase over the years. According to Mercom’s <a href="http://store.mercom.mercomcapital.com/product-category/solar-reports/" target="_blank" rel="noopener">Solar Funding and M&amp;A Reports</a>, the global off-grid solar market saw deals worth $97 million in 2015. While approximately $147 million was raised in 2016, the sector witnessed exponential growth in 2017 and raised a whopping $243 million.</p>
<p>Image credit: AfDB</p>


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