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The Reserve Bank of India (RBI) on Monday granted 'Infrastructure Finance Company (IFC)' status to Indian Renewable Energy Development Agency (IREDA).

The IREDA was earlier classified as 'Investment and Credit Company (ICC)'.

With the IFC status, it will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising.

Officials said that the recognition of the IREDA as an IFC will increase the investors' confidence, enhance the brand value, and generate a positive outlook in the market. The grant of IFC status is a recognition of the IREDA's 36 years of infrastructure financing and development with focused development of renewable energy.

With IFC status, IREDA will keep contributing towards Centre's target of 500 GW installed capacity of non-fossil fuels by 2030.

IREDA Chairman and Managing Dirctor Pradip Kumar Das said: "The IFC status is a significant milestone for the IREDA and will enable us to maintain our leading position as a financier of RE space. The IREDA will continue to play a motherly role for the development of the RE sector."

The IREDA has been promoting, developing and financing new and renewable sources of energy with the motto: "Energy for Ever" since 1987. It finances all RE technologies and value chains such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies.