May 15 2015 | India Opportunities

Ireda To Raise Rs 2,000 Crore To Support Solar Initiatives of The Government

Tarun Kapoor, Joint Secretary, Ministry of New and Renewable Energy while addressing a Solar Power Summit-2015 under aegis of PHD Chamber of Commerce and Industry has said, “the government has approved an amount of Rs 5,000 crore for raising the tax free bonds to support and sustain its solar initiatives through various agencies a couple of days ago, of which IREDA is assigned an amount of Rs 2,000 crore for the job”.

IREDA will lend soft loans @ 10.5% approximately to developers for installing roof top solar panels to support the solar initiatives of the government. The Indian Renewable Energy Development Agency (IREDA) is likely to raise tax free bounds worth Rs 2,000 crore from markets in the next couple of months.

The Government intends to ensure implementation of 10000 MW solar power projects in the country that are currently in the pipeline in the year 2016-17. The government is targeting 2000-3000 MW solar power capacity addition in the current fiscal. The government has also decided to withdraw subsidies in order to achieve its non-conventional targets for power generation for industrial and commercial purposes. The subsidies would continue for social sectors such as hospitals, education centres and other similar health related initiatives.
 According to the Joint Secretary, the NTPC would soon issue tenders for solar power projects weighing a capacity of close to 15,000 MW.