Indian Renewable Energy Development Agency Limited (IREDA) has provided notice to the bourses and the shareholders that Indian Renewable Energy Development Agency Limited has decided to grant a loan amounting to 1134 crore to its fully owned subsidiary Insolation green energy. This capital will help set up a 4.5 GW Rooftop solar cell plant in Madhya Pradesh.
At the end of the trading period, the shares of IREDA were 0.93 percent higher at 155.40 against the last 153.97 at the NSE. The intraday high of the stock was ₹159.29 during the day.
The company estimated the total cost of the project as 1152 Crore where IREDA will be able to finance 1134 Crore. The remaining 378 Crore will be financed using the internal accruals of the company.
The firm also reported that the new facility will be based in the Manufacturing Zone of Power and Renewable in the Narmadapuram district. Additionally, the plant will also be included in a bigger plan of backward and forward integration along the solar value chain.
As it expands, the group will have the cumulative capacity of 7 GW of PV module manufacturing, 4.5 GW of solar cell manufacturing, and 18,000 MTA production of aluminum frames in the next two years. In addition, the company will increase ingot and wafer production capacity to 3 GW in 2028.
