MoU between IREDA and Ministry of New & Renewable Energy
- Posted By
10Pointer
- Categories
Governance
- Published
3rd Nov, 2020
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- The Indian Renewable Energy Development Agency Limited and the Ministry of New and Renewable Energy signed a Memorandum of Understanding to set key targets for the year 2020-21.
- According to the agreement, the Government of India has set a new revenue target of Rs 2,406 crore from the renewable energy industry.
- Till November 2, 2020, the IREDA has financed more than 2,700 renewable energy projects in India. The total loan disbursement to these projects were Rs 57,000 crores. By this, it has helped to add 17,259 MW of green power to the country.
- IREDA was set up in 1987 and is the leading financial institution dedicated to clean energy expansion in India. It is a non-banking financial institution.
- Currently, India has scaled up its non-fuel based power generation to 134 GW. This is about 35% of the total power generated in the country.
- The Green Window Programme being implemented by IREDA, was launched in January 2020.
- Under the Green Window, green banks and other public entities will be set up. These entities will work to bring clean energy financing into the mainstream.
- This is to increase the finances being provided to the green energy companies.
- Also, these institutes will adopt innovative new tools that are already successful in countries such as Malaysia, UK, Japan, Australia and US.
