The government-owned lender, IREDA, plans to sponsor an ‘Alternative Investment Fund’ (AIF). The AIF would buy some of the loan assets in the books of IREDA, thereby providing IREDA with fresh funds for further lending.
The lender is engaged in providing loans to companies in the renewable energy sector. IREDA expects to promote (or, technically, “sponsor”) an AIF which would pool around Rs. 1,500 crore from various investors, more as a pilot project, a senior official of IREDA has said.