Jatin Kumar Nayak assumed charge as the Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency Ltd (IREDA) on 30 October 2026 at its registered office in New Delhi. The Ministry of New and Renewable Energy conveyed his appointment through an order dated 29 October 2026. He succeeds Dr. Bijay Kumar Mohanty, who was holding additional charge of the top post.
Who Is Jatin Kumar Nayak?
Jatin Kumar Nayak is a finance professional with more than 34 years of experience across the power, mining and metals sectors. He holds a Master’s degree in Commerce from Utkal University, Bhubaneswar. He is a Fellow Member of the Institute of Cost and Management Accountants of India and a qualified Company Secretary.
Before joining IREDA, Nayak served as Executive Director (Finance) at REC Ltd, a Maharatna central public sector enterprise under the Ministry of Power. In REC, he handled areas such as resource mobilisation, treasury management, corporate finance, taxation, project appraisal, lending operations and stressed asset management. He had earlier served as the Chief Financial Officer of the erstwhile REC Transmission Projects Company Ltd, a subsidiary of REC.
Earlier in his career, Nayak worked with several public sector organisations. These include NHPC Ltd, Hindustan Copper Ltd, the National Aluminium Company Ltd (NALCO) and Neelachal Ispat Nigam Ltd. This mix of power financing and resource based industries gives him direct exposure to project funding, recovery and regulatory work, all of which are central to IREDA’s business.
How Was the New IREDA CMD Appointed?
The Appointments Committee of the Cabinet (ACC) approved the appointment of Nayak as CMD. The Ministry of New and Renewable Energy (MNRE) conveyed the decision through an order dated 29 October 2026, stating that the President of India had appointed him to the post.
Nayak assumed charge on 30 October 2026 in the afternoon session. On the same day, the IREDA Board approved his induction as Chairman and Managing Director and designated him as Key Managerial Personnel. His tenure will run from the date of assuming charge till his superannuation on 30 September 2029, or until further orders, whichever is earlier.
With this regular appointment, Dr. Bijay Kumar Mohanty, Director (Finance) and Chief Financial Officer of IREDA, ceased to hold the additional charge of CMD with effect from 30 October 2026 forenoon. Mohanty had taken additional charge on 1 July 2026 after the superannuation of the previous CMD, Pradip Kumar Das, on 30 June 2026. Das had led IREDA since May 2020 and his tenure was extended till superannuation.
What Is IREDA and What Does It Do?
The Indian Renewable Energy Development Agency Ltd (IREDA) is India’s largest pure play green financing non banking financial company. It promotes, develops and extends financial assistance for renewable energy and energy efficiency projects from project planning to post commissioning.
IREDA finances solar, wind, hydro, biomass, waste to energy and energy efficiency projects. In recent years it has expanded into emerging areas such as green hydrogen, battery storage, pumped hydro storage, green energy corridors, ethanol and electric mobility infrastructure. Its motto is Energy for Ever.
Key institutional facts about IREDA are summarised below.
| Fact | Detail |
|---|---|
| Full name | Indian Renewable Energy Development Agency Ltd |
| Short name | IREDA |
| Established | 11 March 1987 under the Companies Act, 1956 |
| Headquarters | India Habitat Centre, Lodhi Road, New Delhi |
| Administrative ministry | Ministry of New and Renewable Energy (MNRE) |
| Government holding | About 71.76 percent owned by the Government of India |
| Listing | Listed on NSE and BSE on 29 November 2023 at an offer price of ₹32 per share |
| Loan book | About ₹59,698 crore at end of March 2024, up 26.81 percent over the previous year |
IREDA was notified as a Public Financial Institution and is registered as a Non Banking Financial Company (NBFC) with the Reserve Bank of India (RBI). In March 2023, the RBI classified it as an Infrastructure Finance Company, which allows higher exposure in infrastructure lending and access to a wider investor base.
Under Which Ministry Does IREDA Function?
IREDA functions under the administrative control of the Ministry of New and Renewable Energy (MNRE). MNRE is the nodal central ministry for renewable energy policy, programmes and capacity targets in India.
This link shapes IREDA’s role. The ministry sets national goals such as 500 GW of non fossil fuel capacity by 2030 and net zero by 2070, while IREDA provides the long term finance that helps developers build those projects. IREDA also signs performance agreements with MNRE and reports its sanctions, disbursements and asset quality to the ministry. Its wholly owned subsidiary, IREDA Global Green Energy Finance IFSC Ltd, set up in GIFT City, Gujarat in May 2024, acts as an offshore platform to raise foreign currency funds for the same national mission.
Is IREDA a Government Company, PSU and NBFC?
Yes. IREDA is a government company, a Central Public Sector Enterprise (CPSE) and an NBFC at the same time. These three labels describe different aspects of its legal character.
As a government company, more than 70 percent of its paid up capital is held by the central government. As a CPSE, it is managed under central public sector rules and is classified as a Schedule A enterprise. As an NBFC, it is regulated by the RBI for its lending business, though it does not accept public demand deposits like a bank.
IREDA received Navratna status from the Department of Public Enterprises on 26 April 2024. Navratna is a category for top performing CPSEs that gives the board greater financial autonomy, including powers to invest up to ₹1,000 crore in a project without central government approval. IREDA had earlier held Miniratna Category I status since 2015 and was upgraded from Schedule B to Schedule A in September 2023. It now aims to attain Maharatna status by 2030, subject to government norms.
Why Does the New CMD Matter for Green Financing?
The CMD sets IREDA’s lending strategy, fund raising plan and risk controls. This matters because India needs very large private investment to reach its renewable energy targets, and lenders must judge project cash flows correctly while keeping bad loans low.
IREDA closed 2023-24 with record sanctions of ₹37,354 crore and disbursements of ₹25,089 crore. Its net non performing assets fell to 0.99 percent in that year from 1.66 percent in the previous year. A leader with experience in treasury, overseas borrowing, project appraisal and loan recovery can help sustain this balance of fast growth and stable asset quality.
The change also brings continuity after a four month gap at the top. Between July and October 2026, IREDA was run under additional charge. A full time CMD till September 2029 gives the company a clear leadership window to expand retail products such as rooftop solar and PM KUSUM loans, raise low cost domestic and foreign funds, and support new technologies like green hydrogen and storage.
Key Takeaways
- Jatin Kumar Nayak assumed charge as CMD of IREDA on 30 October 2026 and will hold the post till 30 September 2029.
- Nayak was earlier Executive Director (Finance) at REC Ltd and has over 34 years of experience in power, mining and metals financing.
- He succeeds Dr. Bijay Kumar Mohanty, who held additional charge of CMD after Pradip Kumar Das retired on 30 June 2026.
- IREDA, set up on 11 March 1987 and headquartered in New Delhi, works under the Ministry of New and Renewable Energy.
- IREDA is a Navratna CPSE, a government company and an RBI registered NBFC classified as an Infrastructure Finance Company.
