NEW DELHI: India’s quest for renewable energy received a shot in the arm with the Indian Renewable Energy Development Agency (IREDA) securing an international credit rating.

SandP Global Ratings rated IREDA’s Outlook as ‘Stable’ and gave the agency ‘BBB’ long-term and ‘A-3’ short-term issuer credit ratings, said India’s Ministry of New and Renewable Energy in a press release.

IREDA is an Indian government-owned agency created to promote, develop and extend financial assistance for setting up projects relating to energy efficiency and conservation. Its motto is ‘Energy forever.’

SandP Global said in its rating that ‘we rate IREDA one notch above our starting point for rating finance companies in India to reflect ongoing government support.’

This rating will enable IREDA to expand its reach in the international market, tap into attractive sources of funding and support its borrowing plan, the Ministry said.

Pradip Kumar Das, Chairman and Managing Director of IREDA, welcomed the rating and promised to remai
n focused on ‘driving forward sustainable development.’

Source: Emirates News Agency