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Power Minister Piyush Goyal launches IREDA’s rooftop solar energy scheme

New Delhi, July 8 (G’nY News Service): A workshop was organized by the Indian Renewable Energy Development Agency on Grid-connected solar rooftops on Tuesday, June 7. It was organized for the launch of the agency’s loan scheme for rooftop solar power projects. The

Minister for Power and Renewable Energy Mr. Piyush Goyal was in attendance.
The Minister gave a detailed speech addressing many key issues. He said that the target of generating 175,000 MW of renewable energy by 2022 should be taken up as a mission. The Minister also stated that the IREDA, through this scheme, will be providing loans at interest rates of 9.9% to 10.75% to system aggregators and developers of rooftop solar energy.

The Minster further added that the government of India was soliciting ideas and constructivelycriticizing all existing renewable power projects and no amount of negative response could deter the ministry from its aim of achieving 175,000 MW of renewable energy by 2022.

Ministry

(Photo courtesy: www.greentechlead.com)

The New and Renewable Energy Secretary Upendra Tripathi said that the Ministry has funds worthINR 5000 crore for rooftop energy projects that can be availed at a 15% subsidized interest rate. TheMinistry is also trying to get USD 2 billion from the World Bank and the Asian Development Bank, which can be passed on to banks for financing projects on soft rates of interest, he added

Earlier this year, the International Finance Corporation (IFC), a part of the World Bank, signed an agreement with IREDA to provide infrastructure financing for energy projects in India.

“The partnership will help the IREDA in improving its portfolio in financing renewable energy projects to support the government’s plans of establishing 175 GW of renewable projects over the next seven years”, said IREDA chairman and managing director K.S. Popli.

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