Ireda to raise lending to solar power projects in next 3 yrs

Ireda, an agency under Union New and Renewable Energy Ministry, expects to disburse nearly Rs 12,500 crore in the next three years and to raise the share of total lending for solar-related projects to over 60 per cent, a top official said here today.
The Indian Renewable Energy Development Agency (Ireda) disbursed around Rs 2,471 crore in FY14 out of which lending to solar projects was nearly 11 per cent or Rs 266.61 crore. The agency has forwarded its proposal to the government for sanctioning of loans.
"We want to disburse nearly Rs 12,500 crore in the next three years out of which lending towards solar projects would be more than 60 per cent," Ireda chief general manager (technology) B Venkateswara Rao told PTI on the sidelines of the Intersolar India summit here today.

"The new government has laid emphasis on promoting solar power generation which provides huge business opportunities to us. Therefore, we have decided to increase our exposure to this sector," he added.
This year, the agency has already increased its lending for solar projects, and expects the trend to continue in the future, Rao said.
The Narendra Modi government has set a target of 100 GW (1 lakh megawatts) of solar power by 2022.
The FY15 Budget has proposed setting up of mega solar power projects in Rajasthan, Gujarat, Tamil Nadu and J&K with a funds allocation of Rs 500 crore.

The government has also announced a scheme for solar power driven agricultural pump sets and water pumping stations, for which Rs 400 crore has been earmarked in the fiscal plan.