With reference to the Indian Renewable Energy Development Agency Limited (IREDA), which of the following statements is/are correct?
- It is a Public Limited Government Company.
- It is a Non-Banking Financial Company.
Select the correct answer using the code given below:
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Explanation
Both statements are correct
- Indian Renewable Energy Development Agency Limited (IREDA) is a ‘Navratna‘ Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE).
- It is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987, engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation, with the 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 increase IREDA’s share in the renewable energy sector by way of innovative financing.
