The Indian Renewable Energy Development Agency (IREDA) will be able to finance Rs 12,000 crore to green energy projects after the government authorized an equity investment of Rs 1,500 crore.
As a non-banking financial agency for the renewable energy industry, IREDA was established in 1987 as a micro ratna business under the Ministry of New and Renewable Energy.
Additional renewable energy generating capacity of somewhere between 3,500 and 4,000 MW would be facilitated by an equity infusion as approved by the Cabinet Committee on Economic Affairs.
The goal of this action is to increase IREDA’s net value so that it may obtain more funding for renewable energy projects. Financial institutions will be able to lend and borrow more easily.
Roughly 10,200 jobs will be created each year and approximately 7.49 million tonnes of CO2 will be saved each year as a result of this, according to the company.
An ambitious goal of reaching 500 GW of installed non-fossil fuel energy capacity by 2030 was stated by Prime Minister Narendra Modi at the United Nations Climate Change Conference in Glasgow last November. This equity injection is in line with that goal.
currently the country has a total installed capacity of 392 GW, with coal accounting for 209 GW and renewables accounting for 104 GW.
Reference- Economic Times, Press Information Bureau Feed, Business Standard