Shares of Indian Renewable Energy Development Agency Ltd (IREDA) fell 1.5% after touching a day’s high of Rs 136.44 on 19th January, even as the company said its arm, IREDA Global Green Energy Finance IFSC Ltd, will provide a $22.5 million green loan to Swarna Solar for the development of a 100 MW clean energy project in Zambia, according to a statement issued on Saturday.

IREDA said the loan approval was granted at a board meeting held in New Delhi on Friday. This marks IGGEFIL’s first international lending transaction.

The loan of $22.5 million has been sanctioned to Swarna Solar Limited. It is for setting up a 100 MW photovoltaic solar power plant in the Serenje district of Zambia’s Central Province.

IREDA Chairman and Managing Director Pradip Kumar Das said the sanction marks a key milestone for the company’s global clean energy ambitions. It also highlights IREDA’s role as an emerging international green finance catalyst through its presence at GIFT City.

Operating under the Ministry of New and Renewable Energy (MNRE), IREDA is a non-banking financial institution. It is focused on financing renewable energy and energy efficiency projects.

At 3:16 PM, shares of IREDA were trading 1.44% lower at Rs 134.33 on NSE.

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