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Consider the following statements regarding the Indian Renewable Energy Development Agency Limited (IREDA):
1. It is under the administrative control of the Ministry of New and Renewable Energy (MNRE).
2. It extends financial assistance for setting up projects relating to renewable sources of energy.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Indian Renewable Energ...
IREDA in partnership with its knowledge partner Boston Consulting Group (BCG) recently convened a Strategic Meeting focusing on key aspects of business expansion and initiatives aimed at cost reduction in fund utilization.
About Indian Renewable Energy Development Agency Limited (IREDA):
- It is a Mini Ratna (Category–I) non-banking financial institution under the administrative control of the Ministry of New and Renewable Energy (MNRE).
- It is a Public Limited Government Company established as a Non-Banking Financial Institution (NBFC) in 1987.
- REDA has been notified as a “Public Financial Institution” under Section 4 ‘A’ of the Companies Act, 1956, and registered as NBFC with the Reserve Bank of India (RBI).
- REDA is primarily engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
- IREDA is the single largest "Green Financier" in the country. It caters to all technologies in the renewable energy sector and predominantly provides financing for the sector.
- Motto: ENERGY FOR EVER
- Objectives:
- To give financial support to specific projects and schemes for generating electricity and/ or energy through new and renewable sources and conserving energy through energy efficiency.
- To maintain its position as a leading organization to provide efficient and effective financing in renewable energy and energy efficiency/ conservation projects.
- To increase IREDA`s share in the renewable energy sector by way of innovative financing.
- Improvement in the efficiency of services provided to customers through continual improvement of systems, processes, and resources.
- To strive to be a competitive institution through customer satisfaction.
- Funding: IREDA generates its revenue through the interest and principal repayments from the projects it finances, as well as by raising funds from the market and through borrowings.
Hence both statements are correct.
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Community Answer
Consider the following statements regarding the Indian Renewable Energ...
Indian Renewable Energy Development Agency Limited (IREDA)
Statement Analysis:
Statement 1:
Indian Renewable Energy Development Agency Limited (IREDA) is indeed under the administrative control of the Ministry of New and Renewable Energy (MNRE). This statement is correct.
Statement 2:
IREDA extends financial assistance for setting up projects related to renewable sources of energy. This statement is also correct.
Correct Answer:
Therefore, both statements 1 and 2 are correct.
Explanation:
IREDA is a public sector undertaking (PSU) established in 1987 under the administrative control of the Ministry of New and Renewable Energy (MNRE). It serves as a non-banking financial institution to provide financial assistance for setting up renewable energy projects in India. IREDA offers various financial products such as loans, term loans, and consultancy services to promote the development of renewable energy projects across the country. By supporting initiatives in solar, wind, bioenergy, small hydropower, and other renewable energy sectors, IREDA plays a crucial role in advancing India's renewable energy goals and sustainability efforts.
Statement Analysis:
Statement 1:
Indian Renewable Energy Development Agency Limited (IREDA) is indeed under the administrative control of the Ministry of New and Renewable Energy (MNRE). This statement is correct.
Statement 2:
IREDA extends financial assistance for setting up projects related to renewable sources of energy. This statement is also correct.
Correct Answer:
Therefore, both statements 1 and 2 are correct.
Explanation:
IREDA is a public sector undertaking (PSU) established in 1987 under the administrative control of the Ministry of New and Renewable Energy (MNRE). It serves as a non-banking financial institution to provide financial assistance for setting up renewable energy projects in India. IREDA offers various financial products such as loans, term loans, and consultancy services to promote the development of renewable energy projects across the country. By supporting initiatives in solar, wind, bioenergy, small hydropower, and other renewable energy sectors, IREDA plays a crucial role in advancing India's renewable energy goals and sustainability efforts.
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Consider the following statements regarding the Indian Renewable Energy Development Agency Limited (IREDA):1. It is under the administrativecontrol of the Ministry of New and Renewable Energy (MNRE).2. It extends financial assistance for setting up projects relating to renewable sourcesof energy.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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