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India's state-owned renewable energy company conducting IPO

Tinuku ~ Government of India has approved India's Renewable Energy Development Agency launches Initial public offering (IPO). Narendra Modi's cabinet has approved the state-owned company under the Ministry of New and Renewable Energy, Indian Renewable Energy Development Agency Ltd. (IREDA), conducting an IPO to fill market opportunities and the growth of future energy sector.

Tinuku India's state-owned renewable energy company conducting IPO

The Indian government continues to exploit market opportunities to boost the growth of renewable energy sector. The cabinet approved a strategic decision for IREDA to conduct an IPO as one of the leasing creditors for renewable energy projects in India.

The state-owned company also manages one of India's renewable energy incentive policies. IPO proceeds will likely be used to increase debt financing to renewable energy projects.

The move is to attract more investors to the Indian renewable energy market. Some foreign investors and project developers have entered India to gain share in one of the fastest growing renewable energy markets in the world after China.

The Indian government has set a target of 100 gigawatts of solar power and 60 gigawatts of wind energy which came into operation in March 2022. Several new and innovative methods to raise capital such as public roles, including IREDA, to raise funds through green bonds.

The government also plans equity funds directed at renewable energy projects to bring in large funds from foreign investors. India's renewable energy market is growing rapidly and several large-scale companies set up subsidiaries to capitalize on the market.

ReNew Power Ventures Limited is also rumored to be planning an IPO later this year. Renewable energy subsidiaries of listed companies including Adani Green Energy, Tata Power Solar and Hero Future Energies are also studying to enter the list.

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