Categories: Science

Govt okays Rs 12,000 crore credit plan to fund green energy projects

<p>
The Union Cabinet on Wednesday approved a proposal to infuse Rs 1,500 crores in the Indian Renewable Energy Development Agency Limited (IREDA), a public sector unit (PSU) under the Ministry of New and Renewable Energy, to increase its lending capacity to Rs 12,000 crores for giving loans to the renewable energy sector.</p>
<p>
Addressing a press conference after the cabinet meeting, Union Minister Anurag Thakur said, "Indian Renewable Energy Development Agency Limited plays a big role in the field of renewable energy. This agency was established to finance renewable energy. Its portfolio has increased from Rs 8,800 crore to Rs 28,000 crore in the past 6 years."</p>
<p>
"But according to RBI, the loan can only be lent on 20 per cent of the net worth. The net worth of IREDA is Rs 3,000 crore. It can lend loans up to Rs 600 crore only," the Union Minister added.</p>
<p>
"The decision has been taken of equity infusion of Rs 1,500 crore in the Indian Renewable Energy Development Agency. The benefit that it would lead to is that with the infusion of increased equity, IREDA would be able to lend loans up to Rs 12,000 crore in the renewable sector," Thakur said.</p>
<p>
<strong>Also read:</strong> <a href="https://www.indianarrative.com/india-news/centre-okays-rs-crore-scheme-for-big-push-to-green-energy-in-states-140759.html">Centre okays Rs 12,031 crore scheme for big push to green energy in 7 states</a></p>

AddThis Website Tools
IN Bureau

Recent Posts

“Political witch hunt”: Trump on continuation of trial against Israeli PM Netanyahu

US President Donald Trump on Saturday (US local time) called the continuation of the trial…

3 hours ago

Serbia: Protests erupt in Belgrade over calls for snap elections

Protestors in Serbia took to the streets of Belgrade and demanded an early election, as…

3 hours ago

“Deserves contempt”: MEA rejects Pakistan Army’s claim over attack in Waziristan

The Ministry of External Affairs (MEA) on Sunday strongly rejected the Pakistani Army's claims, where…

3 hours ago

Indian Army, Russian Land Forces bolster defence ties at IRIGC meet in St. Petersburg

Indian Army strengthens ties with Russian Land Forces at the 4th Indo-Russian Inter-Governmental Commission (IRIGC)…

3 hours ago

Indian contingent demonstrates tactical proficiency, joint synergy in France in SHAKTI-VIII exercise

The Indo-French Joint Military Exercise SHAKTI-VIII continues to strengthen operational interoperability and mutual cooperation between…

21 hours ago

PM Modi attends centenary celebrations of Acharya Shri 108 Vidyanand Ji Maharaj

Prime Minister Narendra Modi attended the centenary celebrations of the revered Jain spiritual leader Acharya…

23 hours ago