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Construction : Press Release | May 2015 | Source : Construction Update

IREDA asked to raise Rs.2000 crores tax free bonds to fund govt´s roof top mission says the MNRE

The Indian Renewable Energy Development Agency (IREDA) is likely to raise tax free bounds worth Rs.2,000 crores from markets to support the solar initiatives of the government in next few months in a bid to lend soft loans to developers to accomplish the roof top mission of the government, according to the Ministry of New and Renewable Energy.

Its Joint Secretary Mr. Tarun Kapoor while addressing a Solar Power Summit-2015 under aegis of PHD Chamber of Commerce and Industry here today said, “the government has approved an amount of Rs.5,000 crores 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 crores for the job”.

The Joint Secretary said, “IREDA will lend soft loans @ 10.5% approximately to developers to install roof top solar panels to propagate and publicize the solar roof top mission of the government”.

He, however, abstained from divulging the details of remaining Rs.3,000 crores of tax free bonds nor did he elaborated on it excepting emphasizing that the government would ensure that solar power projects to an extent of 10,000 mw that are currently in the pipeline would begin to be implemented in the year 2016-17.

“In the current fiscal, the government would be contented if solar projects of 2,000 to 3,000 mw are implemented”, said Mr. Kapoor adding that it would be an attempt of the government of the day to add on solar capacity of 10,000 mw each year from fiscal 2017-18 and subsequently as that would be a prudent achievement.

The Joint Secretary also announced that the government has decided to withdraw subsidies to achieve its non-conventional targets for power generation for industrial and commercial purposes adding that the subsidy would stay put for social sectors including hospitals, education centres and other similar health related initiatives.

According to Mr. Kapoor, the NTPC would soon issue tenders for solar power projects weighing a capacity of close to 15,000 mw and emphasized that the public sector utilities would have little role for adding on power capacities through non-conventional means as the government would want the private sector to play a major role to lighten the India through solar power initiatives.

Speaking on the occasion CMD, IREDA, Mr. K S Popli said that his organization has already earmarked an amount of Rs.30 crores to lend to farmers to propagate solar power generation through various means including roof top solar empanelment. The organization would lend liberally to the farmers of Punjab among other states to achieve solar power objectives of the government – both centre and states.

Speaking on the occasion Vice President, PHD Chamber, Mr. Gopal S Jiwarajka and its Chairman, Renewable Energy Committee, Dr. Harish Ahuja demanded a level playing field for private sector vis-à-vis India’s public sector since lot of private capital has been invested to achieve the solar mission of the government.

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