IREDA files bankruptcy case against Gensol Engineering for defaulting on a loan

From Yahoo Finance: 2025-05-15 11:02:00

Indian Renewable Energy Development Agency (IREDA) files a bankruptcy case against Gensol Engineering for defaulting on a loan exceeding Rs5.1bn ($59.73m). Securities and Exchange Board of India (SEBI) is investigating fund diversion and governance failures, barring Gensol and its promoters from the securities market.

IREDA and Power Finance Corporation (PFC) provided a loan of Rs9.7bn to Gensol, with Rs6.6bn allocated to purchase EVs for BluSmart. SEBI’s interim decision in April 2025 revealed Gensol purchased 4,704 vehicles instead of the committed 6,400, leaving Rs2.62bn unaccounted for.

IREDA, a Government of India enterprise, established in 1987, promotes financial assistance for renewable energy projects. Gensol Engineering, with a portfolio of over 33,693MW, provides solar advisory, execution, and operational services for solar projects.

Read more: India’s IREDA files bankruptcy case against Gensol Engineering