IREDA signs MoU with MNRE to set key targets for 2020-2021.

The Indian Renewable Energy Development Agency (IREDA) Limited and the Ministry of New and Renewable Energy (MNRE) signed a Memorandum of Understanding (MoU) on November 2, 2020 in order to set key targets for the year 2020-21.

Highlights

  • Under the MoU, the Government of India (GOI) has set a revenue target of Rs 2,406 crore from the renewable energy industry.
  • The IREDA has financed more than 2,700 renewable energy projects in India till November 2, 2020.
  • The total loan disbursement for these projects stands at Rs 57,000 crores.
  • Through these projects, IREDA has helped in adding 17,259 MW of  green power to the country.

India’s renewable energy sector

India is one of leading producer of the energy from renewable sources. India’s total energy generation capacity is 373 GW out of which, 135 GW ( 36.17%)  is from renewable sources. India has signed the Paris Agreement under which it has committed to achieving 40% of its total electricity generation from non-fossil fuel sources by 2030. Further, India aims at generating 57% of the total electricity capacity from renewable sources by 2027 in Central Electricity Authority’s strategy blueprint. As per this blueprint, India aims to generate 275 GW from renewable energy, 72 GW from hydroelectricity, 15 GW from nuclear energy and 100 GW from other zero emission sources. The GoI has also targeted for installing Rooftop Solar Projects(RTP) of 40 GW by 2022. In that line, India recently launched a green window programme.

Green Window

The Green Window programme was launched in January 2020 and is being implemented by IREDA. Under this, green banks and other public entities will be set up that will work to bring clean energy financing into the mainstream. This will  increase the finances being provided to the green energy companies. Further,  these institutes will adopt innovative new tools as are adopted in countries like Malaysia, UK, Japan, Australia and US. The Green Window seeks to serve the unserved segments of renewable energy.

IREDA

It was set up in 1987. IREDA is the leading non-banking financial institution dedicated to clean energy expansion in India.