Govt to raise Rs 2,360 crore for renewable energy -Governance Now

Govt to raise Rs 2,360 crore for renewable energy

The funds will be used for solar park, green energy corridor and generation-based incentives for wind projects

GN Bureau | May 25, 2017

#ministry of renewable energy #IWAI #IREDA #REC #PFC #NHAI #PSU #cabinet #CPSU #defence solar projects

The cabinet has given it’s green signal to raise bonds of Rs 2,360 crore for renewable energy.

The bonds will be raised by the ministry of new & renewable energy (MNRE) through the Indian Renewable Energy Development Agency (IREDA), a Miniratna enterprise, during current fiscal.

These funds will be used by MNRE in the approved programmes for solar park, green energy corridor, generation-based incentives for wind projects, CPSU and defence solar projects, viability gap funding for solar projects, roof-top solar, off-grid/grid-distributed and decentralised renewable power, investment in corporations and autonomous bodies.

Such timely investment would boost infrastructure in the renewable sector and facilitate achievement of ambitious targets for the renewable energy sector. The resources raised would be used for developing additional capacity in renewable energy sector which would result in generation of additional employment.

The government had declared additional finance mobilisation of Rs 31,300 crore bonds through NHAI, PFC, REC, IREDA and IWAI in the budget for 2016-17 FY. As part of this, the centre had allocated Rs 4,000 crores to IREDA to raise “GOI fully serviced taxable bonds” on behalf of the MNRE during the 2016-17 fiscal.

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