IREDA may raise up to Rs 2,000 crore through taxabable bonds

The money raised will be utilised for financing renewable energy projects, IREDA CMD K S Popli said

State-owned renewable energy player Indian Renewable Energy Development Agency (IREDA) may raise Rs 1,500-2,000 crore through taxable bonds in the ongoing fiscal to finance projects.

"May be we would like to raise Rs 1,500 to Rs 2,000 crore this year (financial year) through taxable bonds," IREDA CMD K S Popli told reporters here today on the sidelines of an industry event.

The money raised will be utilised for financing renewable energy projects, he said, adding that last fiscal "we raised Rs 2000 crore through tax-free bonds".

Government stopped tax-free bonds as it thinks that these would distort the market, he said. "Some are raising taxable bonds and some are raising tax-free bonds probably that is their (government) thinking," he added.

The CMD further said that 100 Gw solar energy target is achievable.

"100 Gw will be achieved. 6 Gw is done. 20 Gw has already been bid out. This year some bidding will happen. Rooftop will pick up. So things are moving faster than we had anticipated," Popli said.

The government has ambitious plans for deployment of 175 Gw renewable power capacities by 2022, including 100 Gw of solar and 60 Gw of wind, which may require investment of around $150 billion in the next seven years.