Dr Bijay Kumar Mohanty, Director (Finance) and Chief Financial Officer of the Indian Renewable Energy Development Agency Limited (IREDA), has been entrusted with the additional charge of Chairman and Managing Director (CMD) for a period of three months, effective from July 1, 2026. He takes over following the superannuation of Pradip Kumar Das, who retired on June 30, 2026, after serving a full term as CMD. The appointment was made by the Ministry of New and Renewable Energy (MNRE) to ensure operational continuity until a regular incumbent is appointed.
Who Is Dr Bijay Kumar Mohanty?
Dr Bijay Kumar Mohanty is a seasoned finance professional with over 27 years of experience across the Indian power and energy sector. He joined IREDA as Director (Finance) on October 12, 2023, after being appointed by the Appointments Committee of the Cabinet (ACC). He also holds the position of Chief Financial Officer of the company.
Before his current role, Mohanty served as Head of the Smart Metering Division at REC Power Development and Consultancy Limited (RECPDCL) and as Senior General Manager (Finance and Accounts) at REC Limited. At REC, he also worked as Chief Programme Manager for multiple states including Tripura, Nagaland, Mizoram, West Bengal, and Odisha, and held additional charge as Chief Executive Officer of FACOR Power Ltd. Earlier in his career, he worked with Central Electricity Supply Company of Odisha Ltd (CESCO) and Grid Corporation of Odisha Ltd (GRIDCO).
Mohanty holds a Doctorate (PhD) in Commerce from KIIT, Bhubaneswar, along with multiple postgraduate degrees including M.Com, MA in Public Administration, and M.Phil, in addition to a Bachelor of Law (LL.B). He is a Fellow Member of the Institute of Cost Accountants of India and also serves as a Director on the board of IREDA Global Green Energy Finance IFSC Limited, the company’s wholly-owned subsidiary based in GIFT City.
About IREDA: India’s Renewable Energy Financing Arm
The Indian Renewable Energy Development Agency Limited (IREDA) is a Schedule ‘A’ Navratna public sector enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). It was established in 1987 as a non-banking financial institution and is headquartered in New Delhi. Its motto is “Energy for Ever”.
IREDA’s primary mandate is to promote, develop, and extend financial assistance for projects related to new and renewable sources of energy as well as energy efficiency and conservation. It provides loans and project financing to developers, equipment manufacturers, utilities, and industrial companies in sectors including solar, wind, small hydro, biomass, green hydrogen, energy storage, and waste-to-energy.
The company was granted Navratna status in April 2024 by the Department of Public Enterprises, making it the 17th Navratna Central Public Sector Enterprise (CPSE) in India. This status gives it greater financial autonomy, including the ability to invest up to ₹1,000 crore without seeking government approval. IREDA was listed on the stock exchanges through an Initial Public Offering (IPO) in November 2023 and trades on both the NSE and BSE. The Government of India holds a 75% stake in the company.
As of FY 2025-26, IREDA reported a standalone net profit of ₹1,873 crore on a total income of ₹8,337 crore, with a net worth of approximately ₹13,781 crore.
Pradip Kumar Das: The Outgoing CMD
Pradip Kumar Das, who superannuated on June 30, 2026, had served as the Chairman and Managing Director of IREDA since his appointment in May 2020. During his tenure, the company achieved several significant milestones. IREDA was granted Navratna status, successfully completed its IPO, and saw its loan book cross ₹93,000 crore. Das represented IREDA at international forums including the World Economic Forum at Davos in 2026, where he presented India’s solar financing model.
A Leadership Transition at a Critical Juncture
The additional charge arrangement comes at a time when IREDA is poised for an even larger role in India’s clean energy transition. The government has set a target of 500 GW of non-fossil fuel-based installed capacity by 2030, and IREDA is central to financing this expansion. The Public Enterprises Selection Board (PESB) had already recommended Jatin Kumar Nayak, Executive Director (Finance) at REC Limited, for the post of CMD following a competitive selection process in June 2026. However, the formal appointment is pending approval from the Appointments Committee of the Cabinet.
Until a regular CMD is appointed, Dr Mohanty will steer the organisation. His deep understanding of IREDA’s financial operations, combined with his extensive experience across the power sector value chain, positions him to maintain momentum on key initiatives. These include financing for green hydrogen projects, solar manufacturing under the Production Linked Incentive (PLI) scheme, and expansion of energy storage infrastructure.
The Way Forward
The appointment of a full-time CMD is expected once the ACC formally approves the PESB’s recommendation. IREDA’s role in India’s energy transition will only grow in the coming years, with the institution expected to play a key part in financing the country’s goal of achieving net zero emissions by 2070. The interim leadership under Dr Mohanty ensures that IREDA’s operations continue without disruption during this transition period.
Key Takeaways
- Dr Bijay Kumar Mohanty, Director (Finance) and CFO of IREDA, assumed additional charge as CMD for three months effective July 1, 2026.
- He succeeded Pradip Kumar Das, who superannuated on June 30, 2026 after leading IREDA since 2020.
- Dr Mohanty brings over 27 years of experience in the Indian power sector, having previously served at REC Limited, RECPDCL, CESCO, and GRIDCO.
- IREDA was established in 1987 under MNRE, headquartered in New Delhi, and was granted Navratna status in April 2024.
- The PESB has recommended Jatin Kumar Nayak of REC Limited as the regular CMD, pending ACC approval.
