The board of directors of government-owned lender, Indian Renewable Energy Development Agency (IREDA), has approved a fundraise of ₹29.94 billion (~$330.14 million) through a qualified institutions placement (QIP).

IREDA said the Indian government’s share in the lender through the Ministry of New and Renewable Energy will not dilute more than 3.76% after the share issue.

IREDA reported revenue from operations of ₹21.3 billion (~$236.2 million) in the third quarter of the financial year (FY) 2026, a 25% year-over-year rise from ₹16.98 billion (~$188.3 million).

In the first nine months of FY 2026, IREDA approved loans totaling ₹401 billion (~$4.45 billion), a 29% increase from ₹310.87 billion (~$3.45 billion) during the period. It disbursed loans worth ₹249.03 billion (~$2.76 billion), up 44% from ₹172.36 billion (~$1.91 billion) in the same period last year.

Its outstanding loan book during this period stood at ₹879.75 billion (~$10.6 billion), marking a 28% year-over-year increase from ₹689.6 billion (~$8.3 billion), driven by strong demand for renewable energy financing. Solar energy accounted for the largest share of the portfolio at 25.5%. Loans to state utilities account for 24.5%, while wind energy accounts for 15.4%.

In January this year, IREDA Global Green Energy Finance IFSC (IGGEFIL), a wholly owned subsidiary of IREDA, approved its first international green energy loan, marking the formal start of its overseas financing operations. IGGEFIL approved a loan of $22.5 million to Swarna Solar for the development of a 100 MW solar project in the Serenje District of Zambia’s Central Province.

Over the last five financial years, public sector banks, government-owned/controlled financial institutions, and foreign direct investments have cumulatively invested around ₹7.16 trillion (~$79.13 billion) in India’s renewable energy sector.

Investments have risen from ₹660 billion (~$7.29 billion) in FY 2021 to ₹2.68 trillion (~$29.6 billion) in FY 2025, according to data furnished in Parliament by the Minister of State for New and Renewable Energy, Shripad Yesso Naik.