Indian Renewable Energy Development Agency Limited (IREDA) Tax Free Bond Feb 2014.
Tax Free interest up to 8.80%, Pre Tax rate: 12.74%
- IREDA (Indian Renewable Energy Development Agency) is a non-banking financial institution engaged in extending financing services to projects and schemes for generating electricity and energy through renewable sources and conserving energy through energy efficiency.
- IREDA was incorporated on March 11, 1987 as a public limited company.
- IREDA was set up by GoI under the administrative control of MNRE to promote, develop and extend financial assistance for renewable energy and energy efficiency projects.
- They operate through branch offices located at Chennai and Hyderabad and camp offices located at Kolkata and Ahmedabad on let out basis and they do not own such premises.
- They are primarily engaged in providing finance to specific projects and schemes for generation of energy through new and renewable sources of energy.
- IREDA provides financial assistance to the following renewable and energy efficiency projects:
– Wind Power,
– Hydro Power,
– Biomass Power Co-generation,
– Energy Efficiency & Conservation,
– Solar Energy,
– Waste to Energy & Miscellaneous
- The GoI has been regularly providing financial support in the form of equity infusion and has also guaranteed loans raised from international agencies.
- In the Union Budget 2013-14, the Government of India announced allocation of funds from the National Clean Energy Fund to IREDA for the period of five years, for on lending to viable renewable energy projects by way of refinancing part of the loan at concessional rate of interest.
- Under the categorisation of Public Sector Enterprises, IREDA was upgraded from Schedule C to Schedule B by the Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises, GoI with effect from January 4, 2010.