Renewable energy programme rewards both IREDA and minister Farooq Abdullah

The renewable energy initiative of the government has proved a rewarding experience for the Indian Renewable Energy Development Agency Ltd (IREDA) aand the minister for new and renewable energy Farooq Abdullah.
 
IREDA on Friday presented a dividend cheque of Rs25 crore for the financial year 2011-12 to Abdullah even as the Spanish government on Friday conferred the `Great Cross of Civil Merit  - the highest possible honour accorded by the Spanish government to a non-head of state - on Abdullah, for his contribution to the process of policy formulation by the Indian government.

The amount of dividend presented on Friday by IREDA showed an increase of 25 per cent as compared to last year.

IREDA, a state-owned enterprise under the ministry of new and renewable energy (MNRE), is a pioneer in financing renewable energy and energy efficiency projects with high brand value in renewable energy and energy efficiency financing. IREDA has been a catalyst in financing of renewable energy in the country and has the unique opportunity of contributing to the process of policy formulation by the government.

During the financial year 2011-12, IREDA posted robust performance with an all-time high profit before tax (PBT) of Rs208.12 crore, recording a 24.85 per cent rise over the previous fiscal and recorded an after-tax profit of Rs173.13 crore, compared to Rs120.46 crore during the previous fiscal.

Loan sanctions and disbursements during the year 2011-12 stood at Rs3,405.96 crore and  Rs1,855.04 crore, respectively - an increase of 8.94 per cent in sanctions and 51.53 per cent in disbursement as compared to last year.

The Spanish government on Friday honoured Abdullah with the `Great Cross of Civil Merit' for his efforts to promote sustainable economic development through the promotion of renewable energy. 

The `Great Cross of Civil Merit' is the highest possible honour accorded by the Spanish government to somebody who is not head of state or government. 

Gustavo de Aristegui, ambassador of Spain, conferred the honour on Abdullah at a function in the Spanish Embassy in New Delhi.