Jatin Kumar Nayak assumed charge as Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency Limited (IREDA) on 30 October 2026 at the company’s registered office in New Delhi. IREDA is a Navratna Central Public Sector Enterprise under the Ministry of New and Renewable Energy (MNRE), Government of India. The appointment follows the approval of the Appointments Committee of the Cabinet (ACC), which was conveyed by MNRE through an order dated 29 October 2026.
Nayak comes to IREDA from REC Limited, a Maharatna CPSE under the Ministry of Power, where he held the position of Executive Director (Finance). IREDA described him in its press release as a professional with more than three decades of experience across the power sector, mining and metals, and financial services. The release says his expertise in resource mobilisation, project financing and institutional management will help IREDA at a time when financing plays a pivotal role in accelerating India’s clean energy transition.
Who is Jatin Kumar Nayak
According to IREDA, Nayak holds a Master’s degree in Commerce from Utkal University, Bhubaneswar, Odisha. He is a fellow member of the Institute of Cost and Management Accountants of India and a qualified Company Secretary. IREDA says he combines financial acumen with an understanding of governance, regulatory affairs and the operational dynamics of large public-sector organisations.
Before becoming CMD, Nayak served as Executive Director (Finance) at REC Limited. He has also served as Chief Financial Officer of the erstwhile REC Transmission Projects Company Limited, a subsidiary of REC. Earlier in his career he worked with NHPC Limited, Hindustan Copper Limited, National Aluminium Company Limited (NALCO) and Neelachal Ispat Nigam Limited.
The press release lists his areas of expertise as domestic and international resource mobilisation, strategic treasury management, corporate finance, taxation and legal affairs, project appraisal and monitoring, lending operations, loan recovery and stressed asset management. These are the functions that matter most to a lender whose business is to raise funds and lend them to renewable energy developers. IREDA did not disclose his term of office or the date on which his predecessor’s tenure ended, so these details are not covered here.
What IREDA does
IREDA was established in 1987 as a Non-Banking Financial Institution. According to its website, it promotes, develops and extends financial assistance for projects relating to new and renewable sources of energy, as well as energy efficiency and conservation. Its motto is “Energy for Ever”.
As of 31 March 2026, IREDA’s outstanding loan book stood at Rs 93,069 crore, which its website describes as a rise of 22.0% over FY25. The loan book was Rs 33,930.61 crore in FY22, Rs 59,698.11 crore in FY24 and Rs 76,281.65 crore in FY25. IREDA shows a domestic credit rating of AAA.
Solar accounts for 26.28% of the loan book, state utility loans 22.76%, wind 14.41%, manufacturing 9.63%, hydro 9.49% and ethanol 8.03%. Storage (0.66%), green hydrogen and derivatives (0.72%) and electric vehicles (0.75%) are still small. By state, Rajasthan leads with Rs 15,305 crore (16.44%), followed by Telangana with Rs 11,274 crore (12.11%) and Andhra Pradesh with Rs 10,466 crore (11.25%).
The financial position he inherits
IREDA announced its audited results for the quarter and half-year ended 30 September 2026 on 19 October 2026, ten days before the new appointment was ordered. On a standalone basis for Q2 FY27, loan disbursement was Rs 10,579 crore against Rs 8,062 crore a year earlier, a rise of 31%. The loan book was Rs 97,411 crore against Rs 84,477 crore, up 15%. Revenue from operations was Rs 2,345 crore against Rs 2,057 crore, up 14%, and net worth was Rs 14,337 crore against Rs 12,920 crore, up 11%.
Profit after tax was Rs 554 crore against Rs 549 crore, a rise of 1%. Net non-performing assets (NPAs) fell to 1.08% from 1.97%. The Q2 release carried comments from Dr. Bijay Kumar Mohanty, who was then the Chairman and Managing Director, and who said the 31% rise in disbursements underlined the sustained demand for renewable energy financing across the country.
These numbers show the position at the start of Nayak’s tenure. Disbursements and the loan book are growing faster than profit, and asset quality is improving. Nayak’s background in treasury and resource mobilisation is relevant to funding that growth, and his experience in loan recovery and stressed asset management is relevant to keeping asset quality on its current track.
What it means for India’s clean-energy sector
IREDA is one of the largest dedicated sources of long-term debt for renewable energy projects in India, and the quality of its leadership affects how smoothly capital reaches developers, manufacturers and state utilities. As India adds more capacity and moves towards storage-backed projects, lenders will need to appraise more complex projects and to raise funds in larger volumes, domestically and abroad. The press release notes Nayak’s experience in both domestic and international resource mobilisation.
IREDA has not announced any change of policy with the appointment, and the release describes the new CMD’s expertise rather than a new strategy. Developers and investors will watch for the first decisions of the new leadership, including the next quarterly results.
Official references
- IREDA press release, “New Leadership at IREDA: Shri Jatin Kumar Nayak Takes Charge as CMD”, 30 October 2026: https://www.ireda.in/IredaWebPortal/press-releases/view/57897219b5a04bf1ab4ed4b72df4b4fb
- IREDA press release, “Q2 Results: IREDA Reports 31% Growth in Loan Disbursements, Improvement in Asset Quality”, 19 October 2026: https://www.ireda.in/IredaWebPortal/press-releases/view/826c867c1c594f34a0183f164d7df4ee
- IREDA website, home page (profile, loan book and sector data): https://www.ireda.in/
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