NEW DELHI: The Indian Renewable Energy Development Agency (IREDA) and the Ministry of New and Renewable Energy (MNRE) signed a memorandum of understanding (MoU) on Friday for setting the annual performance target for the year 2022-23.

 For 2022–2023, the government has a target of Rs 3,361 crore for revenue from operations, an increase of 18% from the previous year's performance. The government has also set up a number of performance-related key parameters, such as return on net worth, return on capital employed, non-performing asset NPA to total loans, asset turnover ratio, and earning per share, among others, according to a statement from the ministry of new and renewable energy.

In the presence of senior representatives from MNRE and IREDA, the agreement was signed on Friday by Bhupinder Singh Bhalla, Secretary, MNRE, and Pradip Kumar Das, Chairman and Managing Director (CMD), IREDA. Pradip Kumar Das underlined that IREDA has been delivering exemplary performances for the previous two financial years and is fully geared to meet these targets, said the statement.

In comparison to the same period in fiscal 2021–22, IREDA's profit after tax (PAT) increased by 67% in the second quarter of 2022–23. Most impressively, compared to the same period during FY 2021–2022, net NPAs have decreased from 4.87 to 2.72 percent in the second quarter. The company scored 96.54 for the MoU of FY 2021–22, proving remarkable performance, the announcement claims. 

As of now, the company has enabled the addition of 19,502 megawatts (MW) of renewable energy capacity in the nation by financing more than 3,068 renewable energy project loan accounts with a total loan approval and payout of Rs 1,41,622 crore and Rs 90,037 crore, respectively.

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